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
As Mexico readies itself for the looming threat of trade tariffs with the US, state oil and gas firm Pemex will be hoping this year is at least an improvement on the last. Oil revenues paid to the government plummeted by 14.6% in 2024, their lowest since 1990 according to the treasury. Upstream output was one factor and, in the first three-quarters of last year, Pemex averaged 1.789m b/d, a drop of 86,000b/d compared with the 2023 average. New fields brought online have helped offset Mexico’s declining mature fields but failed to restore crude output anywhere close to the 2m b/d mark of a decade ago. “Over the years, Pemex has faced challenges which have been marked by a steady decline in it
Also in this section
11 August 2025
The administration is pushing for deregulation and streamline permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
