Pemex No Longer Interested In Deepwater Oil Projects

Pemex will avoid investing in deepwater offshore projects, instead focusing on areas where it has experience, including the shallow waters of the Gulf of Mexico and onshore fields, Reuters quoted a senior executive as saying.

The Mexican state energy company has been struggling to reverse a production decline that has been going on for more than a decade, but it is also struggling under a substantial debt load, and despite government efforts to prop up its finances, has obviously decided not to go into high-cost deepwater projects for the time being.

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