Pemex, Mexico’s state oil company, is looking forward to tap external markets to increase funding for projects in 2010.

While talking to the reporters, the CEO of Pemex, Juan Jose Suarez said that the company will likely to finalize the terms of its new incentive-based contracts during the first half of 2010.

Further, he said in an interview at New York, organized by the US-Mexico Chamber of Commerce, “We plan to come out in first quarter, second quarter of next year.”

He also considers that challenges to the constitutionality of the regulations will not delay the contracts.

Moreover, the CEO added that he is still looking Pemex production at 2.5 million barrels per day.