Mexico boosts upstream spending

Regime commits further capital to reverse waning crude production

The federal Mexican government will raise its financial backing of Pemex, the state-owned oil and gas firm, significantly next year as it continues to eschew private investment. The Andres Manuel Lopez Obrador administration says it will allocate around $27bn to Pemex’s total budget for 2020—an increase of 8.8pc over the approved financial plan for 2019. In July, the company issued its Business Plan 2019-23 which pledged in 2020 to apportion around $14bn to E&P and c.$3bn for a new refinery to be built in the president’s home state of Tabasco. “In addition to the increase in resources, [Mexican finance minister] Arturo Herrera announced additional support for MXN$86bn ($4.41bn), of whi

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