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Pemex weighs big boost in exploration budget
HOUSTON
Petroleumworld.com, November 26, 2008Mexico's Petroleos Mexicanos, the state-owned oil company, said it may boost its exploration budget by 27 percent next year as it tries to find new reserves to offset an almost five-year drop in crude output.
Spending on exploration may increase to $2.1 billion this year, Carlos Morales, chief of exploration and production for Pemex, said Monday.
Mexico City-based Pemex needs to spend at least $2 billion on exploration annually through 2012 to meet a production goal of 3 million barrels of crude a day, Morales said Monday in an interview after a speech.
Mexico's government approved a total budget of $14.5 billion for the exploration and production unit next year, he said.
Morales spoke to Mexico's Geological Society in Mexico City.
Story by Andres r. Mantinez from Bloomberg News
Houston Cronicle 25 11 08
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