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AMERICAS OIL: Mexican Reforms to Offer Added Flexibility to Pemex:mericas

AMERICAS OIL
Energy BulletsNorth AmericaMexicoBulletCommodities

Mexico’s Pemex will be able to develop oil and gas fields in partnership with private operators as part of major energy sector overhauls, BNamericas reported.

  • "Pemex will have the possibility of deciding whether to join with private companies in mixed contracts," energy minister Luz Elena Gonzalez said.
  • Gonzalez said the new model will enable Pemex "to complement its capabilities and financing."
  • Pemex produces 95% of Mexico’s oil and gas but is in debt of around US$100bn and another US$20bn owed to suppliers, meaning it lacks resources for significant investments.
  • Pemex’s liquids output was 1.62m b/d in 2024, less than half of the 3.4m b/d peak in 2004. The current target is output of 1.8m b/d.
  • Former President AMLO, in power 2018-2024, blocked private operators from upstream after a brief period of liberalisation following earlier reforms in 2013.
  • The new legislation will enable Pemex to set up shareholding partnerships with other oil and gas companies to operate its fields.
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Mexico’s Pemex will be able to develop oil and gas fields in partnership with private operators as part of major energy sector overhauls, BNamericas reported.

  • "Pemex will have the possibility of deciding whether to join with private companies in mixed contracts," energy minister Luz Elena Gonzalez said.
  • Gonzalez said the new model will enable Pemex "to complement its capabilities and financing."
  • Pemex produces 95% of Mexico’s oil and gas but is in debt of around US$100bn and another US$20bn owed to suppliers, meaning it lacks resources for significant investments.
  • Pemex’s liquids output was 1.62m b/d in 2024, less than half of the 3.4m b/d peak in 2004. The current target is output of 1.8m b/d.
  • Former President AMLO, in power 2018-2024, blocked private operators from upstream after a brief period of liberalisation following earlier reforms in 2013.
  • The new legislation will enable Pemex to set up shareholding partnerships with other oil and gas companies to operate its fields.