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AMLO Allots $32 Billion for Pemex to Boost Flagging Oil Output

  • Proposed 2022 budget is 17% higher than this year’s plan
  • Exploration and production investment up 26% to $18 billion
Andres Manuel Lopez Obrador

Andres Manuel Lopez Obrador

Photographer: Alejandro Cegarra/Bloomberg

Mexico President Andres Manuel Lopez Obrador is raising Petroleos Mexicanos’s spending plan for next year to about $32 billion in a bid to boost flagging oil production.

The funds allocated for the state producer in a 2022 budget proposal, including operational spending, represent a 17% increase from this year. Of the total, about $18 billion will be earmarked for exploration and production investment, a 26% jump.