Pemex Plans Investment in Output, Exploration

Pemex spending is expected to amount to MXP218bn in 2008, up 28% from last year, the company says. Production and exploration will consume 84% of the budget, while 11% will be spent on expanding crude refining capacities. The quasi-sovereign is planning to raise output to 3.1m bpd in the next five years, from 1.5m bpd in 2007.