MEXICO: Pemex Seeks $25 Billion Annually For "Gradual" Growth.

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.”

More Trouble In Mexico's $11 Billion Chicontepec Oil Project.

BLOOMBERG.
The $11.1 billion onshore Chicontepec oil project has failed to meet targets, Energy Minister Georgina Kessel said. “Chicontepec has not been generating the production we expected and we have to evaluate with Petroleos Mexicanos how the field is working, and our strategy moving forward.”
Chicontepec, which stretches across Mexico’s Puebla and Veracruz states, will only produce 60,000 barrels a day by year's end, down from a forecast of 72,000.