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Mexico must overhaul its NOC
Crucial structural reforms and change in operating philosophy are needed to arrest PEMEX’s ongoing decline and restore oil production growth
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The government refuses to expand E&P access despite the NOC’s high debt pile, falling crude output and growing gas import dependence
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Dire crude projections and heavy debt burden are weighing heavily on NOC Pemex
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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
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Mexico’s fledgling LNG export industry faces growth challenges
While developers are making progress, infrastructure, regulatory and political uncertainties risk stunting opportunities
Gulf of Mexico Mexico
James Drummond
7 September 2018
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Mexican play still a guessing game

Mexico’s energy sector and IOCs are waiting to see if the new president follows through with his anti-reform election rhetoric

On 1 December, Andrés Manuel López Obrador will take office for a six-year term as president of Mexico. After a protracted but one-sided campaign, he won a decisive victory in the 1 July polls at the head of the Morena party, which he founded, taking 53% of the vote. It's the culmination of a lifetime spent seeking Mexico's most senior office. He previously contested the presidency in 2006 and 2012. López Obrador's credentials are those of a nationalist, leftist outsider. He's also a dogged opponent of the two parties which have ruled since the return to democracy in 2000, the Institutional Revolutionary Party (known by its Spanish acronym of PRI) and the pro-business National Action Party o

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