Petróleos Mexicanos (Pemex) will reduce the activity of its exploration and production arm in the last quarter of the year in search of savings of 26.8 billion pesos (about 1.35 billion dollars), according to an internal document seen by Reuters on Friday.
The deferral of spending at Pemex Exploration and Production, known as PEP, seeks optimize resources
towards the end of the year and will cause the postponement of various types of work, according to the letter, signed by the director of PEP, Néstor Martínez.
Pemex did not immediately respond to a Reuters request for comment on the causes of the spending cut and the impact it will have on crude production.
The government of President Claudia Sheinbaum, who took over the reins of the country on October 1, seeks to maintain an average crude oil production of 1,800,000 barrels per day in her six-year administration.
Pemex, one of the most indebted oil companies in the world, produces an average of 1.5 million barrels of crude oil per day without accounting for condensates, but if these are taken into account, it rises to 1,800 million.
The document, dated October 11, also indicates that priority will be given to work in wells based on their value generation
and the rescheduling of activities related to their plugging.