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Mexico’s state oil company Petroleos Mexicanos sold $4 billion in bonds this week to refinance debt and fund capital expenditures.

Pemex Treasurer Rodolfo Campos said reforms in Mexico’s laws to allow private and foreign investment, and upgrades to Mexico’s and Pemex’s credit ratings created a strong demand for the bonds, the Wall Street Journal said.

Pemex produces about 2.5 million barrels a day of crude oil.

The country’s production peaked in 2004 at of 3.4 million barrels per day.

President Enrique Peña Nieto has pushed through the first major energy reforms in 75 years. Under the 1938 constitution, Pemex was given a monopoly over the oil and gas industry, and foreign capital was banned.

Pemex has said it is likely to take on about $15 billion in debt in 2014 to fund its ambitous capital projects, including new deepwater exploration and drilling.