Mexico's state-owned oil firm Petroleos Mexicanos, or Pemex, is planning to invest $27.7 billion in 2014, the most in its history and the vast majority of which will go toward crude oil exploration and production.
"This year, Pemex will invest the historic figure of almost $28 billion, 85 percent in exploration and production of crude oil and gas," said company chief Emilio Lozoya on Monday at an energy forum in the northwestern Mexican city of Los Cabos.
According to information placed by Pemex on its Web page, its projected investment for 2014 is 6.5 percent greater than the amount it invested last year and 154.1 percent greater than its investment a decade ago.
During his remarks, Lozoya noted that "to develop to the maximum the resource potential in the country, investing more than $60 billion per year is required."
Nevertheless, he said that the firm is able to compete in any aspect of the hydrocarbons market, adding that in the context of Mexico's recent energy reform "there will be important opportunities both for Pemex and for other participants in an open market."
Last December, Mexico's Congress passed a constitutional reform allowing the participation of private firms in the exploitation of hydrocarbons for the first time since 1938, when the country nationalized its oil industry, but the laws regulating the reform's implementation are still pending.
Pemex in 2014 is expected to produce an average of 2.52 million barrels of crude per day, the same output as in 2013, and will export 1.17 million barrels of that, slightly less than the exports reported for last year. EFE