Mexican state oil company Petróleos Mexicanos (Pemex) has set to steadily increase liquids production over the upcoming years.
On Wednesday, CEO Octavio Romero expected that by the end of 2020, the firm’s output would hit 1.94 million bpd as new developments increased output. Domestic refineries will raise crude processing level by 10% year-on-year to 1.1 million bpd at the end of the year.
By the end of 2024, the production would hit 2.294 million bpd.
Romero estimated private production to amount at merely 70,000 bpd by the end of this year and by 280,000 bpd by 2024. The result was due to the government not favoring the private sector oil industry with competitive oil auctions that would have allowed private firms to bid on new projects being canceled.
He further revealed that in the first eight months of 2020, Pemex has contributed about MXN438 billion (USD20.5 billion) or more than 11% of federal government spending to the government coffers.
On a related note, the company has the highest financial debt among oil companies at more than USD100 billion. Its oil production has been declining for 15 years.
