Pemex will invest $6 billion in 2017 in hopes to maintain current levels of production at its offshore Cantarell field over the next decade, the company announced on Tuesday.
Cantarell was discovered in 1976, and at its height supplied over 2 million bpd.
The field was responsible for more than half of Mexico’s crude production.
Since 2004 output has fallen more than 80 percent to 340,000 bpd.
According to Pemex’s Cantarell administrator Miguel Angel Lozada, the investment will increase production by 100,000 bpd per year over the next decade.