Pemex seeks to reverse oil declines, balance budgets

Mexico’s Petroleos Mexicanos aims to balance its budget by 2021 and reverse a decade and half of declining crude production as early as next year.

Under the presidency of Andres Manuel Lopez Obrador, Pemex will invest 1.95 trillion pesos ($102 billion) by 2024, it said in an emailed document ahead of the release of its business plan on Tuesday. Of that amount, 269 billion pesos between 2020 and 2022 will come from tax breaks and government allocations. Another 108 billion pesos through 2023 is expected to come from so-called integrated exploration and extraction contracts, a new type of service contract for drilling, Pemex said.

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