BLOOMBERG/ Mexico's Energy Minister Georgina Kessel wants to boost spending by one-third to more than $25 billion a year to meet long-term output targets and a goal of 3.3 million barrels a day by 2024. Pemex's production has slumped to 2.6 million barrels per day between the Cantarell field, the Ku-Maloop-Zaap project and the onshore Chicontepec field. But Pemex “cannot afford an investment increase with the current level of oil prices and the current fiscal load,” says analyst Enrique Gomez.“... the company debt leverage is high and its labor liabilities are high.”
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