Pemex to Invest US$11.6bn in Cantarell through 2019

Mexico's state oil company Pemex plans to invest 131bn pesos (US$11.6bn) in the Cantarell field through 2019, adding to some 122bn pesos that were invested in the field during the 1997-2003 period, a Pemex source told BNamericas.

Cantarell is Pemex's main production field and in 2003 produced an average 2.1 million barrels a day (mb/d) of crude and some 770 million cubic feet a day (mcf/d) of natural gas.

Pemex's PEP upstream division has a portfolio of 95 projects totaling US$160bn investment, which aim to meet goals of producing 4mb/d of crude and nearly 7 billion cubic feet of gas a day by 2006.

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