$4.65bn Q3 Loss for Mexican Oil Firm

Mexican oil company Pemex has announced a third-quarter loss of more than $US4.3 billion ($A4.65 billion), as well as a continued drop in production.

The $US4.32-billion loss was 52.5 per cent greater than that registered in the same period a year earlier, according to a Pemex statement issued on Friday.

Pemex has seen huge losses since last year as its oil production has steadily dwindled.

In the third quarter, crude production averaged about 2.4 million barrels a day, which is 4.3 per cent less than in the third quarter of 2013, a company executive, Luis Ramos, said in a phone call with investors.

A decade ago, production was at 3.4 million barrels a day.

To boost energy production, the Mexican government has launched a sweeping overhaul of the energy sector, ending the 76-year-old state monopoly on oil drilling and reopening the sector to foreign companies.

Pemex, the world’s seventh-largest oil producer, announced losses of $US4 billion in the second quarter.

In 2013, total losses were $US12.8 billion.


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