Pemex 2007 Capex to Reach US$13.9bn

Mexico's state oil company Pemex this year plans to spend US$13.9bn, company corporate finance director Esteban Levin Balcells said in a webcast highlighting 2006 financial results.

Of the total, US$12.3bn will go to E&P and US$1.4bn to refining, Levin said.

Pemex will channel the remaining US$200mn equally to its gas and basic petrochemicals, and petrochemical units.

The company previously said it planned to invest US$16bn in 2007.

Regarding 2006 results, the executive attributed the turnaround in part to higher crude export prices and lower taxes. Pemex last year posted a 42.5bn-peso (US$3.8bn) net profit versus a 76.3bn-peso loss in 2005.

Pemex officials said in July the company aimed to invest US$13bn in 2006.

2007 OPS HIGHLIGHTS

Pemex this year plans 27 development wells and major repairs to 44 wells at the Cantarell field, which accounts for roughly 60% of the country's total crude output, E&P unit president Carlos Morales said in the webcast.

Cantarell last year produced an average of 1.79Mb/d, down 12% from 2005.

The state company also highlighted the Veracruz natural gas project, which is the country's second most important non-associated gas work.

Pemex this year plans to increase production at Veracruz to 900Mf3/d (25.5Mm3/d) from 861Mf3/d in 2006.

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