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38

Mexico Developed PLan to Revive Oil Industry

The plan would enable the Mexican state oil company Pemex to cooperate with outside private companies

Mexican President Felipe Calderon submitted an energy reform plan to Congress Tuesday which is aimed at boosting the declining oil output in the country.

The plan would enable the Mexican state oil company Pemex to cooperate with outside private companies, Deputy Energy Minister Jordy Herrera said.

Mexico hopes that teaming up with global oil and gas majors could shorten half the time to produce from wells more than a kilometer deep than it would take if it went alone.

Mexico is a top crude oil supplier of the Unite States and its oil exports account for some 40 percent of the government's fiscal income.