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Mexico targets 50 percent jump in oil output, says Petroleos Mexicanos

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Staff Writer | December 17, 2018
Octavio Romero
LatAm   Octavio Romero, chief executive officer of Pemex

Mexico aims to lift oil and gas production by almost 50 percent in the next six years and in January will award infrastructure and drilling contracts to develop 20 fields, state oil firm Petroleos Mexicanos said.

Octavio Romero, chief executive officer of the company generally known as Pemex, said the new government would increase exploration investment by around 10 percent annually to reverse dwindling output as he presented a new plan for the industry.

"It's a new Pemex rescue," Lopez Obrador said alongside Romero in the port of Ciudad del Carmen in the southern Gulf of Mexico shortly before his government was due to present its first budget with Pemex's finances under close scrutiny.

Under the plan, Mexican crude output is due to climb to some 2.624 million barrels bpd by the end of 2024, while gas production will also rise by about 50 percent.


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