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
5 May 2025
The country is seeing a notable increase in petroleum product retail outlets, with private operators gaining market share
2 May 2025
Fast-tracking US project approvals and increased trade pressures have already changed the LNG landscape since Trump came to office, with further transformation ahead
2 May 2025
Peru’s state-owned hydrocarbons agency has launched the search for new investors for Offshore Block Z-69, a high-potential asset in the prolific Talara Basin.
2 May 2025
The scars of the Russia crisis have accelerated Europe’s push to wean itself off gas dependence as the growing globalisation of LNG becomes a double-edged sword
