RPT-Pemex aims for splash in shallow waters, retreats from the deeps [Reuters]
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Source: Reuters
RPT-Pemex aims for splash in shallow waters, retreats from the deeps | Reuters 4 Min Read (Repeats story from Sunday with no change to text) By David Alire Garcia MEXICO CITY, Dec 16 (Reuters) - Mexican state-run oil giant Petroleos Mexicanos will focus on existing shallow water assets and refining next year at the expense of riskier, deepwater projects under a new government that has vowed to turn around the ailing company. The 2019 budget blueprint presented on Saturday by officials of leftist President Andres Manuel Lopez Obrador calls for some $23 billion (465 billion pesos) in discretionary spending for the company known as Pemex, up about 14 percent from this year. Almost half the Pemex budget is earmarked for exploration and production, mostly in shallow water and some onshore areas. Setting out his plans on Saturday, Pemex Chief Executive Octavio Romero said two previous governments had little to show for putting 41 percent of exploration funding into deep waters: “At best we’
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