The attempt by Mexico’s new administration to rapidly reverse declining production by targeting existing shallow-water and onshore basins marks a major change in strategy for a country that has recently spent significant sums on high-cost deepwater developments.
Speaking at the presentation of Mexico’s next six-year strategy on 15 December, Octavio Romero, the new chief executive of state-owned Pemex, pointed to the previous government’s allocation of 41% of the exploration and production budget to deepwater fields, saying they would “at best” see the first...
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