In its National Energy Strategy, Mexico sets new goal of boosting oil production 27 percent to 3.3 million bpd by 2024
Bloomberg
and El Economista
Mexico aims to boost oil production to 3.3 million barrels a day by 2024, 27 percent more than Petroleos Mexicanos is currently producing, Energy Secretary Georgina Kessel reported.
The new goal was first revealed at a private event Friday as part of the release of the National Energy Strategy to be presented last evening by President Felipe Calderón to Congress.
To reach the goal, Pemex would have to return to the level of production achieved in 2004.
In reversing its declining production, Mexico also will seek to replenish and boost oil reserves to 15 percent above the national demand. The document also said the country will try to sustain its natural gas production.
Also among the objectives, said Kessel, is reducing the country's dependence on fossil fuels. Currently, 90 percent of Mexico's energy consumption is depends on oil while 80 percent of electricity consumption depends on fossil fuels.
"We need to diversify energy sources and take action to encourage energy efficiency, environmental sustainability by strengthening investment and technological development," she said.
Mexico invested a total of 224.8 billion pesos ($17.6 billion) in exploration and production of oil in 2009, the ministry said in the document.
