Mexico, Indonesia Spurn Oil Companies as Global Oil Prices Soar

Mexico and Indonesia face declining oil production as government policies discourage investment by companies such as Exxon Mobil Corp. and ChevronTexaco Corp., limiting global supply and pushing prices to records.

Output from Mexico’s Cantarell field, one of the world’s largest, may start to fall this year because of restrictions keeping out needed technology and funding, said Luis Ramirez, chief executive of state-owned Petroleos Mexicanos. Indonesia, where Exxon Mobil has delayed drilling as the government insists on a bigger stake for state-owned PT Pertamina, may import more than it exports this year after a two-decade production slide.
Bloomberg