Exclusive-Declining Mexican crude output could shatter energy independence dream [Yahoo! Finance]
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Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
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Source: Yahoo! Finance
the dream of energy independence that led her predecessor to spend $17 billion on a new refinery: a shortfall in domestic crude supply. The country is a major crude producer but output from the country's older oil fields, mostly in the Gulf of Mexico, has slumped to more than a four-decade low. Without significant spending on exploration and production, Mexico may find itself importing crude to feed its expanded refinery capacity in the next decade, a once unheard-of change of direction for the key global exporter. For years, state-owned Pemex has failed to meet local fuel demand because its outdated refineries were unable to process the heavy Maya crude that it predominantly pumps. That left Mexico exporting crude while having to import gasoline and diesel, much of it from the United States. Outgoing President Andres Manuel Lopez Obrador vowed to change what he saw as a humiliating dependence on imported motor fuels. He commissioned a new 340,000 barrels per day (bpd) refin
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