Mexico: Pemex hunts financing ahead of fiscal reform.

South American Business Information, January, 2001

Mexico, Jan 17, 2001

Mexican state oil group Pemex (Petroleos Mexicanos) is to look for financing to develop existing oil and gas reserves and to boost light crude production over the next five years. Mexican reserves of light crude equal 40% of the national oil reserve totals but only 20% of the company's exports. Pemex will need an additional US$1.1bil over the five-year period to boost its current production of 3.3 million barrels daily. Pemex also wants to reduce the content of sulphate in its petrol and explore for gas more aggressively. It has decided not to wait for the fiscal reform promised by the government so as to safeguard its near-future - Pemex contributes a third of Mexico's tax receipts and is the world'sd sixth leading oil producer.

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