Eric Watkins
Senior Correspondent
LOS ANGELES, Feb. 14 -- Reduced investment by Petroleos Mexicanos in 2007 has hurt funding for 22 of the state firm's most important projects, according to a media report.
Mexico City's El Universal newspaper, citing Pemex figures, said total investment in 2007 was 9.51 billion pesos less than budgeted. It said investment was down by the close of the 2007 fiscal year even though Pemex "ran a surplus" of 169.44 billion pesos for the year.
The paper said the projects with reduced funding included exploration and production, refining, natural gas, and petrochemicals.
Among the projects was reconfiguration of the 185,000-b/cd Minatitlan refinery and development of the Ku-Maloob-Zaap complex of offshore heavy-oil fields.
According to El Universal, Pemex Director Jesus Reyes Heroles requested monthly and quarterly reports on investment. These documents will have to "explain why investment is behind schedule, if this is the case, and indicate what actions should be taken to amend the schedule and establish a new monthly timetable."
He also said two of the four subsidiaries were underperforming. Pemex Refining posted losses of 29.19 billion pesos, while Pemex Petrochemicals lost 10.92 billion pesos.
Financial information to be published soon will report that downturns in the production of crude oil, derivatives, products (gasoline), liquefied petroleum gas, and petrochemicals have not been halted, the paper said.
Contact Eric Watkins at [email protected].