Mexican state oil monopoly Pemex will invest 52 billion pesos ($4.56 billion) this year to develop oil exploration and production off the coast of Campeche, the company said.

Pemex, which plans to invest a record $12 billion this year in total, mainly in exploration and production, said it wanted to improve the balance between securing new oil reserves and exploiting its existing wells in the Gulf of Mexico.
Pemex, a top three supplier of crude oil to the United States, extracts more than 80 per cent of its oil and more than 30 per cent of its natural gas from its deposits in the Gulf of Mexico.
“Pemex is currently the oil company with the greatest maritime production, a position we are obligated to maintain to create more opportunities and with this, continue promoting national development,” Pemex head Raul Munoz said.