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Mexico cuts Pemex's budget for Chicontepec work

12/07/2009
The Mexican government has slashed the allocation to state-owned Petroleos Mexicanos (Pemex) for Chicontepec oil development in 2010 by more than 60% from this year's level, according to local media.Mexico's daily El Universal said "poor results, technical limitations, and execution problems" at Chicontepec have caused the Finance Secretariat and the Congress, particularly the Partido Revolucionario Institucional (PRI), to cut the budget for the technically challenging development.According to Pemex, the Chicontepec complex of low-permeability reservoirs represents 39% of the country's total hydrocarbon reserves. But legislators and financial authorities slashed the investment p...
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