Feb. 4 (UPI) -- Petróleos Mexicanos, Mexico's state-owned oil company known as Pemex, announced Wednesday a $24.7 billion investment program to increase and sustain crude oil production under a plan presented by President Claudia Sheinbaum's government.
The spending represents a 34% increase from the previous year. Pemex said the plan targets crude output of 1.8 million barrels per day and an expansion in natural gas production to 4.5 billion cubic feet per day through strategic projects by 2030.
The Pemex Strengthening Plan 2025-2035 also includes measures to cut debt and improve the company's financial stability.
Energy Secretary Luz Elena Gonzalez said the strategy aims to overhaul internal processes at Pemex and bolster Mexico's energy security, with an emphasis on production and financial stability, according to local outlet Cronica.
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