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| Pemex eyes record budget for output boost |
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Pemex is looking to raise its budget 54% to a record next year to increase output and reserves, a board member said. Pemex presented a budget proposal of 400 billion pesos ($31 billion) for 2011 to the Finance Ministry today, up from 260 billion earmarked for this year, Hector Moreira, a board member told Bloomberg in an interview. Mexico aims to increase crude output to 3.3 million barrels per day by 2024 and may need to invest more than $25 billion per year to reach that goal, Energy Minister Georgina Kessel said in a 29 April interview. The country produced 2.55 million bpd in June, according to National Hydrocarbon Commission data. Pemex is increasing investment in projects in southeastern Mexico, Moreira said. “That’s where we’re seeing most of the new discoveries,” he said. After approval by the Finance Ministry, the 2011 proposal must be submitted to Congress as part of the government’s budget plan scheduled to be voted on by 15 November. About 80% of Pemex’s 2010 budget was earmarked for exploration and production projects, according to the commission. Pemex expects the price for its crude exports to average $61.50 per barrel next year, Moreira said. The average price has dropped 6.8% this year to $68.46 per barrel on 16 July, according to Pemex data. Source: Upstream
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