Mexico plans to boost its crude oil reserves to ensure it has enough for at least a decade of consumption, the chief executive officer of state energy company Pemex, Victor Rodriguez, said on Wednesday.
Pemex has 12 strategic projects that will account for 61% of this hydrocarbon production, Rodriguez added.
Speaking alongside Mexican President Claudia Sheinbaum at her regular morning press conference, Rodriguez said that Pemex would invest 105 billion pesos ($5.09 billion) to refurbish its refineries.
On refining, the government’s plan is to max out the capacities of both the Deer Park refinery in Texas and the new Olmeca refinery in the Mexican port of Dos Bocas.
Pemex operates six other refineries, none of which are operating at full capacity.
(Reporting by Ana Isabel Martinez; Writing by Stefanie Eschenbacher; Editing by Kylie Madry)