The head of the regulator said the definitive solution for fuel prices will come only when Petrobras' de facto monopoly in the downstream business ends.
Oil production plan plans to recover 23,319 wells with a potential of 1.4 MMBD
Equinor, ExxonMobil & Galp complete transactions in block BM-S-8 in Brazil
ExxonMobil Completes Purchase of Carcara Oil Field Interest
According to state oil company PDVSA, the country's western region holds proven reserves of 19Bb, comprising mainly medium and light crude in the lake Maracaibo basin.
If Pemex fails to comply with its exploration plans by the August 2019 deadline it loses the concession to the field in question.
The NOC continued the development of its Ayatsil field in the Gulf of Mexico, the country's third largest in 3P reserves, issuing a tender for two offshore pipelines to interconnect platforms.
Year-on-year growth for gas production in April was 4.8%, driven by a strong 30% increase from unconventional sources, while oil production recorded a 7.2% rise.