Pemex Plans $20B E&P Investment to Boost Production

Mexican state oil monopoly Petroleos Mexicanos will increase its total debt load by $2.5 billion to $3 billion this year, as the company plans to boost investments to nearly $20 billion.

During a Thursday meeting with journalists, Pemex CEO Jesus Reyes Heroles said the company plans to carry out an aggressive investment program in an attempt to halt a steep fall in oil production.


The company plans to invest $19.4 billion this year, mainly in exploration and production, up from $18 billion in 2008 investments.

Pemex managed to lower its total debt in 2007 and 2008, but Reyes Heroles said this year’s financing needs will not put a strain on the company.

Rigzone