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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
US LNG exports can reach 200mn t/yr – Cheniere
North America, including Mexico, can make a substantial contribution to global supply
Mexico’s Zama set to win FID battle
The ‘world-class’ field could get a green light next year, following repeated delays and a resolved operatorship dispute
Canada’s midstream rivals eye LNG opportunities
The country’s pipeline owners are poised to capitalise as North American LNG export projects proliferate
Letter from Mexico: Deepwater ambitions drowning in debt
Mexico must harness the vast resources in the Gulf to meet the government’s goal of energy autonomy
Pemex reverses production decline
Mexico’s leading energy provider enjoyed a strong quarter but will have to overcome hurdles to achieve its upstream objectives
Letter from Mexico: Amlo’s vanity project gets ever more expensive
Costs continue to spiral at a downstream development the utility of which was always questionable
Balancing the books while scaling up the upstream and downstream will be testing for Pemex
Mexico Pemex
Charles Waine
12 August 2021
Follow @PetroleumEcon
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Headwinds buffet Pemex’s upstream progress

The NOC had a better financial quarter in Q2 but will likely need significantly more money to hit upstream goals

Mexican state oil company Pemex may have boasted almost $4bn in net income over the past 12 months, but limited capex is making long-term upstream targets look doubtful. And the government’s obsession with the loss-making downstream continues to bite into Pemex’s profits. The NOC is clearly paying some attention to its upstream pledge and is lifting crude production, albeit only marginally. Pemex averaged 1.758mn bl/d for Q2, a 1.3pc jump over Q1 and 3.8pc over Q4 last year. The average price achieved by Mexico’s crude export mix also increased by almost 90pc year-on-year, helping offset some of the company’s recent heavy financial losses. And output from new fields continues to come online.

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