Pemex to invest $ 6 bn in 1997

Jan 29, 1997 01:00 AM

Pemex is stepping up its investment drive to be the biggest for 15 years. Mexico, a significant non-OPEC oil producer and supplier to the United States market, plans to invest $ 6 bn during 1997, almost twice as much as it spent last year. Pemex also hopes to gain independence from the state. The company places great emphasis on the need to raise its oil output and hopes to boost this by 200,000 bpd in 1997, the same amount as it expanded in 1996.
Pemex wants to expand the Cantarell complex in the south-east of the country, the sixth largest oil reserve in the world, and raise its output 150,000 b/d. The largest investment will be in the Cadereyta refinery in northern Mexico, which currently produces mostly fuel oil. It will be refitted to increase capacity and produce lighter products, such as diesel. The other two big projects are to lift the production of dry gas in northern Mexico and increase the extraction of light crude in the seas of the south-east coast.

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