Official: Pemex Seeking 30% Budget Increase for E&P Unit

Mexico's state oil company Pemex has requested a 30% budget increase for 2007 for its E&P unit Pemex Exploracion y Produccion (PEP), local press quoted PEP director Carlos Morales Gil as saying.

Pemex proposed a 140bn-peso (US$12.9bn) budget for next year compared to this year's 110bn pesos, Gil said.

"Drilling equipment we contracted three years ago at US$50,000-60,000 a day today costs US$120,000-150,000 a day," he said.

Despite an increase in resources, oil production will remain unchanged at an average of 3.3 million barrels a day due to higher technology and material costs, he said.

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