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Major upstream decline threatens Mexico’s energy security
Dire crude projections and heavy debt burden are weighing heavily on NOC Pemex
Mexico’s energy ambitions weigh heavily on Pemex
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift
Mexico’s new president faces fiscal crunch
While greater focus on decarbonisation is likely, economic pressures and huge debt burden could squeeze energy policy ambitions
Mexico’s election could evolve oil nationalism
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
Mexico’s fledgling LNG export industry faces growth challenges
While developers are making progress, infrastructure, regulatory and political uncertainties risk stunting opportunities
Optimism grows around Mexican upstream
Things are looking up for exploration and production in Mexico, with new finds and developments set to boost output in coming years
Global LNG analysis report 2023 – Part 4
The fourth and final part of this deep-dive analysis looks at LNG projects planned or underway across the Americas
Pemex to struggle with ambitious targets
The latest five-year plan compounds pressure on the already financially handicapped NOC
Mexico aims for Atlantic Basin FLNG success
Rapid development of significant GoM gas deposit may yet be outpaced by a quicker pipeline solution
Woodside sees long-term future for LNG
CEO Meg O’Neill is positive about the prospects for gas as the energy transition gathers pace
Mexico Pemex
Charles Waine
30 July 2020
Follow @PetroleumEcon
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Pemex debt strategy at risk of unravelling

The Mexican firm had made some progress arresting its hefty debt pile, but the economic downturn and government obsession with upstream targets has started to take its toll

When President Andres Lopez Obrador romped to victory in Mexico’s 2018 election, one of his key pledges was to tackle state oil firm Pemex’s chronic debt problem. Total company debt had ballooned to over $100bn, rising at an annual rate of almost 14pc, while failing to halt rapidly declining crude production. At first, everything seemed to go according to plan. In 2019, Pemex managed to reduce its debt balance for the first time in 12 years, despite the government cancelling all bidding rounds, shunning foreign investment and saddling the NOC with the country’s upstream recovery programme. Pemex has until 2024 to revive national crude production to 2.4mn bl/d, mainly through the startup of 2

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