Mexico diverts Pemex's exploration cash
Mexico will divert a portion of state-run Pemex’s exploration budget to cover
other financial needs, according to Mexican media.
The Mexican newspaper El Universal reported that the Finance Ministry would
“reassign” funds the company was planning to use to explore for oil and gas
for other programmes.
The newspaper’s website said that the government reduced the exploration
budget to cover administrative spending, among other things.
Pemex is Mexico’s cash cow, providing nearly 40% of the federal government’s
budget. What’s not clear is if the lower budget will complicate the
state-owned company’s ability to find new reserves at a time of
sky-rocketing oilfield services costs.
20 March 2008 18:38 GMT
| last updated:
20 March 2008 18:38 GMT
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