January 25, 2013 / 11:31 PM / 5 years ago

UPDATE 1-Mexico's Pemex posts slight dip in December production

MEXICO CITY, Jan 25 (Reuters) - Mexican state oil monopoly Pemex produced an average of 2.564 millions of barrels per day (bpd) in December, it reported on Friday.

Pemex in November produced 2.577 million bpd, its highest production rate since January 2011.

Exports fell to 1.174 million bpd in December from 1.374 million bpd in November, which was the company’s highest export rate in 13 months.

Pemex is the world’s No. 7 oil producer. The Mexican government relies on oil revenues to fund about a third of the federal budget.

If Pemex cannot develop new discoveries to replace declining production at the country’s largest, aging fields, Mexico risks becoming a net importer of crude within a decade.

Mexican President Enrique Pena Nieto of the Institutional Revolutionary Party (PRI) has said one of his top priorities is to boost oil production by attracting more private investment into the country’s energy sector.

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