2013 Federal & Pemex BudgetsTue, 01/22/2013 - 10:33
On December 7, 2012, the President of Mexico submitted the proposed Ley de Ingresos de la Federación para el Ejercicio Fiscal de 2013 (2013 Federal Revenue Law) and the proposed Presupuesto de Egresos de la Federación para el Ejercicio Fiscal de 2013 (2013 Federal Expenditure Budget) to Congress for approval. The law and the budget were approved on December 13, 2012 and December 20, 2012, respectively, and were published in the Official Gazette of the Federation on December 17, 2012 and December 27, 2012, respectively.
The 2013 Federal Budget does not provide for a public sector budget deficit (excluding physical investments by PEMEX), and is based on an estimated weighted average Mexican crude oil export price of US$86.0 per barrel, which together with an estimated volume of oil exports of 1,183.5 thousand b/d, would result in approximately US$99 billion (MX$1,243.0 billion) of projected oil revenue for 2013. It expects total federal revenue to reach US$288 billion (MX$3,601.1 billion), a 5.1% increase in real terms compared to the federal revenues estimated for 2012 by the Federal Revenue Law. This allows the Mexican government to increase expenditures for social development by 3.6% and economic development by 3.0%, each as compared to the amounts budgeted for 2012.
2013 EXPLORATION AND PRODUCTION CAPITAL EXPENDITURES BUDGET
For 2013, Pemex Exploration and Production has a total capital expenditures budget of US$15.59 billion (MX$194.80 billion), which represents an 0.5% increase over the previous year’s budget of US$15.50 billion (MX$193.86 billion). The 2013 budget includes all of the 27 ongoing strategic exploration and production projects and US$2.46 billion (MX$30.81 billion) for other exploratory projects. Approximately US$12.91 billion (MX$ 161.36 billion), or 82.8% of Pemex’s 2013 capital expenditures budget, is to be allocated to projects relating to field development , production and transportation infrastructure such as pipelines, and around US$2.68 billion (MX$33.50 billion), or 17.2% of the total budget, will be allocated to exploration activities.
The 2013 exploration and production budget includes US$2.02 billion (MX$25.36 billion) for investments in the Ku-Maloob- Zaap project, US$1.87 billion (MX$23.42 billion) for the Cantarell project, US$1.27 billion (MX$15.93 billion) for the Tsimin- Xux project, US$974 million (MX$ 12.18 billion) for the Chicontepec project, US$826 million (MX$10.32 billion) for the Chuc project, US$ 772 million (MX$9.65 billion) for the Crudo Ligero Marino project, US$755 (MX$9.43 billion) for the Burgos project, US$728 (MX$9.10 billion) for the Antonio J. Bermúdez project, US$425 million (MX$5.31 billion) for the Delta del Grijalva project, US$ 395 million (MX$4.94 billion) for the Yaché project, US$375 (MX$4.68 billion) for the Ek-Balam project, and US$5.16 billion (MX$64.51 billion) for the remaining projects as well as administrative and technical support.