Mexico's Pemex says production to increase in 2015
MEXICO CITY (AP) — Mexico's state-owned oil company is estimating its crude production will increase to 2.4 million barrels per day in 2015, compared with the 2.35 million barrels per day it expects to output this year.
Petroleos Mexicanos official Gustavo Hernandez says the upward estimate is based on the company's plans to re-activate hundreds of matures oil fields and start production in recently discovered reserves.
Hernandez said Friday more than a third of the country's production will come from the Ku-Maloob-Zaap field in the Bay of Campeche in the Gulf of Mexico.
Pemex was awarded rights to exploit 83 percent of the country's proven and probable reserves under the newly enacted opening of the energy business. The company says it will form alliances with private firms in some of those fields.