Petroleos Mexicanos will focus on shallow water projects and onshore plays, and avoid investing in its deepwater riches for now, as the ailing Mexican state-run oil company seeks to turn around a 14-year slide in crude production, a top official said on Thursday. Chief Financial Officer Alberto Velazquez outlined the approach the state-owned oil company known as Pemex will take at a conference in the colonial city of Leon on Thursday. He emphasized that 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. “We are not going to invest in those types of developments,” said Velazquez, referring […]