MEXICO CITY – Mexico's government does not expect a 'significant' change in oil production before 2025, deputy energy minister Aldo Flores said on Tuesday.
Mexico, which produces around 1.9-million barrels per day of crude, has been pushing back the date by when it expects to reverse a slide in output. Crude production in Mexico has been declining steadily since peaking in 2004.
"(We expect production) to continue pretty much like we are seeing now," Flores told a news conference after Mexico's oil regulator announced the results of a shallow water auction in which 16 out of 35 blocks were awarded.
Jose Antonio Gonzalez Anaya, who was then chief executive of state oil company Pemex, told Reuters last year he expected the firm, which currently controls almost all of Mexico's crude output, to start increasing production in 2018.