Mexico's cash-strapped state oil company Pemex requested authorities allow it to lower the tax regime on its top oil field Ku Maloob Zaap (KMZ), but the company said the request was now in the process of being withdrawn.
Pemex had asked the government to place KMZ under an exploration and extraction contract to lower its taxes, sources told Reuters. They also said the request was likely to be denied.
Ku Maloob Zaap, located in the shallow waters of the southern Gulf of Mexico, is the company's top-producing field accounting for 40 percent of Pemex's total . . .
This independent news site is supported by subscribers.
Login now, or subscribe today. As a premium subscriber to our independent news site, for as low as .10 cents per day, you'll unlock full news coverage of the events that shape our city, exclusive interviews with local influencers, and in-depth reports that get to the heart of Puerto Vallarta's unique challenges and triumphs, while also learning more about news throughout Mexico that makes a difference. Help us sustain the future of independent journalism in Puerto Vallarta. It's a small market so advertising doesn't make a dent in the costs, but you can help! Subscribe today and become an essential part of the conversation.