MEXICO CITY (Bloomberg) -- Petroleos Mexicanos, the crude producer that accounts for about a third of state revenue in Mexico, said it pays taxes on oil production volume that’s inflated by water and other measurement inaccuracies. Under existing law, the company known as Pemex pays some taxes based on reported volume at the wellhead, it said by email Aug. 22. In the statement, Pemex cut its year-to-date production to 2.34 MMbpd from a previously reported 2.47 million. Output was overstated because of water content and inefficient measuring and separation systems.
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Pemex says tax burden bloated by water content in oil barrels
![Pemex says tax burden bloated by water content in oil barrels]()
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