Mexico projects USD 1.614bn for Chicontepec area in 2010 - report.

(ADPnews) - Nov 20, 2009 - Mexico has allocated MXN 21.072 billion (USD 1.614bn/EUR 1.085bn) to state oil monopoly Petroleos Mexicanos (Pemex) for the Chicontepec oil project for 2010, down from MXN 57.111 billion in 2009, local daily El Universal reported.

Pemex has failed to meet its output target in Chicontepec, which produced only 29,000 barrels per day (bpd) between January 1 and November 6, 2009, down from the initially …