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 . . .