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AMERICAS OIL: Pemex Output Hits New Lows As Gov Sets Rule for Private Operators

AMERICAS OIL
Energy BulletsNorth AmericaMexicoBulletCommodities

As Mexico’s government prepares to attract private energy investors, Pemex output hits new lows, BNamericas said.

  • Pemex’s Dec production of liquids fell to its lowest level of the year, down 12% on an annual basis to 1.62m b/d.
  • Excluding condensates, Dec crude production hit a multi-decade low of 1.35m b/d.
  • Pemex average liquids production in 2024 fell 6% to 1.76m b/d
  • Analysts expect that debt-ridden Pemex will need to work with private operators if it is to have a chance of raising output.
  • Sheinbaum's predecessor AMLO, who was in office from 2018 to 2024, cancelled bid rounds that were designed to encourage international oil companies to invest in Mexico.
  • López Obrador also suspended farmouts that give private investors the right to operate fields alongside Pemex and take their share of production.
  • Sheinbaum may need to restart farmouts to bring more capital to the Mexican upstream, analysts say.
  • However, recent sweeping reforms to the sector are expected to prioritise state control and reduce the role played by private companies, OPIS said.
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As Mexico’s government prepares to attract private energy investors, Pemex output hits new lows, BNamericas said.

  • Pemex’s Dec production of liquids fell to its lowest level of the year, down 12% on an annual basis to 1.62m b/d.
  • Excluding condensates, Dec crude production hit a multi-decade low of 1.35m b/d.
  • Pemex average liquids production in 2024 fell 6% to 1.76m b/d
  • Analysts expect that debt-ridden Pemex will need to work with private operators if it is to have a chance of raising output.
  • Sheinbaum's predecessor AMLO, who was in office from 2018 to 2024, cancelled bid rounds that were designed to encourage international oil companies to invest in Mexico.
  • López Obrador also suspended farmouts that give private investors the right to operate fields alongside Pemex and take their share of production.
  • Sheinbaum may need to restart farmouts to bring more capital to the Mexican upstream, analysts say.
  • However, recent sweeping reforms to the sector are expected to prioritise state control and reduce the role played by private companies, OPIS said.