New wells will help Mexico's state-owned oil company Petróleos Mexicanos SA de CV, or Pemex, boost oil production to 1.778 million barrels per day in December, Reuters reported Sept. 24, citing comments from the firm's CEO Octavio Romero.
Speaking at a news conference attended by Reuters, Romero said production and reserves would increase during the administration of Mexican President Andres Manuel Lopez Obrador.
The move to increase production is in line with the Pemex's Business Plan 2019 to 2023, through which the company plans to increase oil and gas production to 2.7 million bbl/d by 2023 by accelerating the development of newly discovered reservoirs and by revitalizing activity in fields that are currently in operation.
