Pemex to Reopen Old Oil Wells to Boost Production

Mexico’s Pemex plans to reopen mature oil wells in a bid to increase production, which has been in a steady decline for years. According to a Reuters report, the Mexican state energy firm filed a report with the U.S. Securities and Exchange Commission saying it expected this year’s average daily oil output to 1.58 million barrels daily. This compares to a government production target of 1.8 million barrels daily. To stem this decline, Pemex seems to be considering reopening idled wells, according to sources that Reuters did not name.…