Mexican state-owned oil company Pemex plans to invest approximately $1.9 billion over the next two decades to considerably boost production in the shallow-water Bacab field in the Gulf of Mexico.

“The pronounced COVID-19 and oil price shocks, in our view, exacerbate Mexico’s already modest growth,” S&P said in a statement, leaving the sovereign rating two notches above junk.

According to data released by Pemex Exploration and Production in May, the company has invested nearly 1.59 billion dollars looking for oil or gas from a total of 19 deep water wells.