Mexico's state oil monopoly Pemex said it will acquire eight new offshore oil drilling platforms and other equipment worth $1.2 billion to expand production in the Gulf of Mexico. Pemex said in a statement seven of the platforms, which will be used in the Bay of Campeche, can operate at 344 feet (105 meters) in the water and can drill at
depths of 25,000 feet (7,600 meters).
The company said it would lease the platforms for various periods. Pemex also said it would buy five land rigs for $200 million for drilling in the south of the country. Mexico, the world's No. 7 oil producer, is trying to increase flagging oil output to shore up government finances, which are heavily dependent on oil revenues.