Puerto Vallarta News

Puerto Vallarta News

Mexico must double oil exploration spending to halt output fall

Mexico must double oil exploration spending to halt output fall

Reuters By Marianna Parraga and David Alire GarciaACAPULCO, Sept 28 (Reuters) - Mexico will need to double to about $4 billion its annual oil exploration investment to reverse a 14-year decline in output, a move that will require more funding by Pemex and private producers, a top official with the state-run firm said Friday.The nation's oil industry needs Petroleos Mexicanos to invest more than $2.5 billion per year and another $1 billion to $1.5 billion from private companies to fully replace its reserves, Jose Antonio Escalera, the firm's chief of exploration . . .

Related Posts

Sheinbaum advisor contracts

No-bid contract awarded to Presidential advisor ignites scrutiny of maize plan

A 346 million-peso, no-bid maize contract for Minsa, owned by Sheinbaum’s advisor, was canceled but...
Russian spies in Mexico

Russian spies in Mexico stayed despite a US warning

U.S. officials handed Mexico a list of Russian spies posing as diplomats. Mexico did not...
Ryan Wedding

FBI seeks Canadian ex Olympian turned Mexico cartel boss

The FBI raised its reward to $15 million for former Olympian Ryan Wedding, accused of...
puerto vallarta earthquake

Magnitude 4 earthquake was reported off Puerto Vallarta coast

A magnitude 4.0 quake struck offshore from Puerto Vallarta before sunrise, far from the city’s...