Grupo Mexico sees $1 billion in oil investment over 5 years

Mexican mining and railroad company Grupo Mexico expects to invest $1 billion in new oil projects over five years from a mix of contracts and joint ventures with national oil firm Pemex [PEMX.UL], a top executive said on Tuesday.

Ricardo Arce, head of Grupo Mexico’s oil drilling unit, said in an interview he sees crude output from the ventures reaching as much as 100,000 barrels per day over the next decade…

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