Seeking to Halt Output Decline, Pemex Increases Budget, Rigs

[phantom power]

Faced with declining production, Mexico has increased both the number of oil rigs in operation and its investment budget, benefitting firms that supply equipment to Petroleos Mexicanos, or Pemex, as the state oil firm struggles to make up for lost time.

A shortfall in exploration and production spending over the past decade has caught up with Pemex. Output is down 20% from peak production of 3.4 million barrels a day in 2004.

http://www.rigzone.com/news/article.asp?a_id=65158