Mexico’s national oil company, Petroleos Mexicanos SA (Pemex), next year plans to offer more multiple service contracts, similar to one it did this year with a U.S. and Canadian company, to encourage more exploration and production in the country, Pemex Director General Raul Munoz Leos told analysts in New York City on Thursday. Munoz said that even though the Mexican constitution limits foreign investment in the country’s energy industry, he is confident that contracts could be written to improve investments by service companies and integrated energy companies.

In his plan, Munoz said he would like to see foreign investment grow to $2 billion a year to build up the country’s crude oil production as part of a long-range plan by Pemex to invest about $33 billion over the next five years in its energy businesses. Before the middle of the decade, Munoz said he wants to double Mexico’s crude oil production to 4 million bbl/d and at least double its natural gas production. By 2008, the country is expected to be about 2 Bcf short of demand.

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