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Pemex scrambles to plug the gap
The NOC’s dire financial situation and maturing fields have left the authorities with little choice but to reduce crude expectations
Hydrocarbon Processing Refining Databook 2025: Americas
The US and Canada are boosting capacity builds for renewable diesel and biofuels, while Central and South American countries are investing heavily to upgrade and expand their domestic refining sectors
Latin America’s evolving crude outlook
New supply from Argentina, Brazil and Guyana is rich in middle distillates, but optimism in terms of volume growth remains tempered by regulatory and technical risks as well as price volatility
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 Pemex
Justin Jacobs
1 December 2017
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Growing pains ahead for Mexico's reforms

Regulators have won high praise from the industry for progress to date, but the oil opening is still in its early days and fresh obstacles lie ahead

After a rocky start, Mexico's oil reforms have gathered pace, with a series of successful bid rounds capped off by a major shallow-water discovery this summer by Houston-based Talos Energy. The find vindicated much of what the reformers had argued all along. Talos and its partners not only brought fresh capital into Mexico, it also brought fresh ideas. Armed with the same geological data Pemex has been sitting on for years, Talos looked afresh at the area off Tabasco State and spotted the Zama prospect, which initial drilling has shown could hold as much as 2bn barrels of crude, one of the industry's largest finds this decade. But the discovery comes with a hitch—one that points to the next

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