Pemex Plans to Drill 1,000 New Oil Wells
The state petroleum monopoly Pemex announced it is drilling 1,000 new wells as part of a $33-million project to boost Mexico’s crude oil production by 1.6 million barrels to 4.35 million barrels a day within five years to meet increased domestic consumption.
The announcement said most of the wells, including 145 off shore, will be drilled in the southeastern states of Tabasco and Chiapas.
Mexico currently produces 2.75 million barrels a day and exports an average of 1.4 million daily. It is not a member of the Organization of Petroleum Exporting Countries but uses OPEC guidelines in setting prices.
In lines with an overall OPEC decision, Mexico last fall agreed to slash production by 100,000 barrels daily to maintain current price levels.
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