Pemex steers clear of deep waters

Mexican national oil company Pemex will focus on shallow water projects and onshore plays, and avoid investing in its deepwater riches for now, as it seeks to turn around a 14-year slide in crude production, a top official said.

Pemex has no plans to invest in costly and technologically complex deepwater projects in the Gulf of Mexico, but will instead focus its exploration and production budget on the country’s shallow water and onshore potential, Reuters reports