Mexico’s state oil company Petróleos Mexicanos (Pemex) has set an upstream capital expenditures (capex) budget of 240 billion pesos ($13.4 billion) for 2023, up from 162 billion pesos ($9.05 billion) in 2022.

Pemex

The 100% state-owned firm outlined the investment plans in its latest 20-F annual report filed to the U.S. Securities and Exchange Commission in late April.

Pemex has allocated 44.4 billion pesos ($2.48 billion) for the offshore Ku-Maloob-Zaap complex, nearly double the amount budgeted last year.

Maloob and Zaap were Mexico’s No. 1 and 2 producing oilfields, respectively, as of March. Maloob, Ku and Zaap ranked fourth, fifth and seventh for natural gas output, according to data from upstream regulator Comisión Nacional de Hidrocarburos (CNH).

Second place in the...