Pemex to offer multiple service contracts by next spring

Sep 06, 2001 02:00 AM

Raul Munoz Leos, the new director general of Pemex, told Wall Street analysts and investors Pemex plans to offer multiple service contracts by next spring to speed exploration and production. The Mexican constitution limits the role foreign investors can play in the oil industry, with ownership of reserves restricted to the state-owned oil company.
Nevertheless, Munoz Leos expressed confidence that the contracts could be structured to entice investments by either service companies or major integrated oil companies. Munoz Leos wants to see foreign companies spend $ 2 bn/year building Mexican crude production; Pemex wants an ambitious $ 33 bn invested in oil, gas, and petrochemicals over 5 years. During that time Munoz Leos hopes to double crude production to 4 mm bpd and at least double gas production: He anticipates Mexican gas output being 2 bn cf short of demand by 2008.

Analysts question if the new Mexican government headed by President Vincente Fox will be able to carry through with those ambitious plans. Munoz Leos said the new leadership intends to redouble efforts to change Pemex from a government bureaucracy to a market-driven enterprise.

Source: OGJ Online
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