“Given the context of international oil prices and the budget regimen that applies to Pemex, it has become necessary to take measures to cut spending to achieve fiscal balance established by Congress,” the company wrote in a statement. It added that it had built a budget with an estimate of Mexican crude at $79 per barrel.
Accordingly, Pemex will delay capital ventures including ultra-low sulphur fuel projects and major refinery reconfigurations. The company has also reiterated that it will renegotiate ongoing services contracts. The potential for amendments to terms in oilfield services contracts worth hundreds of millions dollars was first announced by Pemex’s CEO Emilio Lozoya in December 2014.
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