The administrative council of the Mexican oil company, Pemex, announced on November 13th the appointment of Juan Pablo Newman as new Chief Financial Officer starting on January 1st 2016.

Newman will be replacing Mario Beauregard, who was appointed in 2013 and shall be immediately leaving the Direction of Finances of the giant oil company. For the remainder of the year, Rodolfo Campos will be in charge of the position, said Pemex.

Pemex, one of the largest oil companies of the world, has been strongly stricken by the global drop of crude prices and the budget cutbacks that have affected the projects of hydrocarbon production.

The oil company lost the monopoly of exploration and extraction of hydrocarbon in Mexico, after the deep energy reform was passed. Since then, it has been struggling to keep a stable crude production, which is currently around the 2.3 and 2.4 million barrels per day.