Petroleos Mexicanos, the world´s third-largest oil producer, risks declining output for the first time in seven years unless lawmakers allow for private investment, cutting supplies on the world market as demand increases.
Pemex Chief Executive Officer Luis Ramírez Corzo said Mexico will leave billions of barrels untapped in deep Gulf of Mexico waters and in a costly onshore field without partners to provide technology and share risks. Mexican law allows only Pemex to extract oil and gas and to refine crude, barring companies such as Exxon Mobil Corp. and Royal Dutch Shell Plc from investing in the industry.
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Petroleos Mexicanos, the world´s third-largest oil producer, risks declining output for the first time in seven years unless lawmakers allow for private investment, cutting supplies on the world market as demand increases.
