Mexico's Pemex names a new director of the production unit, according to internal documents

By Adriana Barrera

MEXICO CITY - On Tuesday, Victor Rodriguez, the CEO of Mexico's state owned oil company Pemex, announced that Octavio Barrera would be taking over as head of the company's exploration?and production division, with effect from Wednesday. The announcement was made in a document published by Pemex.

Last week, it was reported that Angel Cid would be stepping down as head of Pemex Exploration and Production in the next few days. This is just months after he returned to his position. The company is battling to stem the decline in oil production.

Also reported was that Barrera, a electronics engineer,?appointed as 'deputy director for design, engineering, and project execution in PEP, as part of the company restructuring, would replace Cid.

Barrera, according to an official letter dated Tuesday, signed by Rodriguez, will be the "acting replacement" but will still perform all of the duties outlined in the company bylaws.

Pemex didn't?immediately reply to a comment request from.

Pemex is grappling with more than 100 billion dollars in debt, despite capital injections of multi-billions of dollars and tax breaks from the Government.

The change in leadership comes as the company tries to increase its oil production (currently at 1.6 million barrels a day, bpd) and searches for companies to form alliances with to reach the nation's oil output goal of 1.88 million bpd. (Reporting and editing by Christian Schmollinger; Adriana Barrera)

(source: Reuters)