Pemex To Increase Production Targets

Increased production targets for Pemex in 2002 pose no threat to Mexico's export accords with OPEC and other producers because the increase will be consumed domestically. Mexico's accords with other producers are on the basis of exports rather than total output.

The current agreement limits Mexico to exports of 1.56 million barrels per day during the first half of 2002, down from 1.71 million barrels per day last year. Pemex is hoping to raise crude output to 3.62 million barrels per day by the end of this year, up from 3.27 million barrels per day in December 2001, an increase of almost 11%. "These targets don't in any way affect our commitment to limit exports," reported a Pemex source said. The target for natural gas production is for a 4% rise to 4.7 Bcf per day.