State-run oil company also having to lay off workers in response to steep drop in global crude prices, Pemex chief says
Mexico’s state-run oil concern is postponing some deep-water exploration projects in response to a steep drop in global crude prices, the company’s director said on Wednesday.
Emilio Lozoya, head of Petroleos Mexicanos, or Pemex, also said there will be personnel cutbacks at the company, with details to be made known in the coming weeks.