Economics
AMLO Allocates $23 Billion for Pemex to Boost Output in 2019
- Proposal is 14 percent higher than Pemex’s 2018 budget
- Pemex will pump 2.62 million barrels a day by end-2024: Romero
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Mexican President Andres Manuel Lopez Obrador is boosting Petroleos Mexicanos’ budget to 464.6 billion pesos ($23 billion) next year to reverse flagging oil production and increase domestic fuel output.
Lopez Obrador is proposing that Pemex invest 211 billion pesos in exploration and production ($10.4 billion) in 2019. That’s a 26 percent increase compared to last year, when Pemex planned to invest 168 billion pesos in the unit, according to the finance ministry. Oil production is expected to stabilize at 1.847 million barrels a day in 2019 with Mexico’s oil mix estimated at $55 a barrel, the ministry said.