State-owned oil giant Petroleos Mexicanos, or Pemex, expects production to reach 4 million barrels per day (bpd) in 2025, thanks to the record investments being made starting this year, CEO Emilio Lozoya said.
Pemex ended 2013 with average output of 2.52 million bpd, Lozoya said, adding that the highest production level in recent years was achieved in 2004 at 3.4 million bpd.
Lozoya discussed the production target for 2025 during a Global Enterprises Executive Council meeting in Mexico City on Monday, the state-owned oil giant said in Twitter postings.
Pemex plans to invest a record $27 billion this year, with 85 percent of the funds going into exploration and production, the CEO said.
Investment of more than $60 billion annually is needed to exploit the maximum potential of Mexico's energy resources, Lozoya said.
"Pemex can compete efficiently if it is allowed to operate like its competitors, that is, like a business," Lozoya said.
Congress approved energy reforms last December that would end Pemex's monopoly in the oil industry, opening the way for private investment.
The energy industry reform package is awaiting passage of implementing legislation.
"The energy reforms will strengthen Pemex's competitiveness as a productive state enterprise, with budget and management autonomy," Lozoya said. EFE