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AMERICAS OIL: Pemex to Return Suspended Rigs by H2 2025: Platts

AMERICAS OIL
Energy BulletsNorth AmericaMexicoBulletCommodities

Mexico's Pemex plans to reactivate suspended rigs by the end of 2025 to stabilise crude oil and natural gas production, Platts said.

  • Pemex has faced challenges maintaining steady production due to an aging portfolio and financial pressures.
  • During the Q4 2024 earnings call, a Pemex executive said that no additional rig suspensions are expected this year, and suspended rigs should be back online by H2, cited by Platts.
  • Industry estimates suggest up to 12 rigs were suspended, causing a significant drop in output.
  • Borr Drilling, a major contractor, expects drilling activity to resume as payments normalize.
  • Pemex's financial struggles include over $100 billion in foreign currency debt and $25 billion in contractor payments, limiting its upstream investments.
  • Production has declined, with Jan. 2025 output at 1.597m b/d, down from 1.8m b/d in Jan. 2024.
  • President Claudia Sheinbaum aims to stabilise the company and ensure financial commitments are met.
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Mexico's Pemex plans to reactivate suspended rigs by the end of 2025 to stabilise crude oil and natural gas production, Platts said.

  • Pemex has faced challenges maintaining steady production due to an aging portfolio and financial pressures.
  • During the Q4 2024 earnings call, a Pemex executive said that no additional rig suspensions are expected this year, and suspended rigs should be back online by H2, cited by Platts.
  • Industry estimates suggest up to 12 rigs were suspended, causing a significant drop in output.
  • Borr Drilling, a major contractor, expects drilling activity to resume as payments normalize.
  • Pemex's financial struggles include over $100 billion in foreign currency debt and $25 billion in contractor payments, limiting its upstream investments.
  • Production has declined, with Jan. 2025 output at 1.597m b/d, down from 1.8m b/d in Jan. 2024.
  • President Claudia Sheinbaum aims to stabilise the company and ensure financial commitments are met.