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Major upstream decline threatens Mexico’s energy security
Dire crude projections and heavy debt burden are weighing heavily on NOC Pemex
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While developers are making progress, infrastructure, regulatory and political uncertainties risk stunting opportunities
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Things are looking up for exploration and production in Mexico, with new finds and developments set to boost output in coming years
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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
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Mexican President Lopez Obrador has pledged to revive the country’s upstream
Mexico Pemex
Charles Waine
19 September 2019
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Mexico boosts upstream spending

Regime commits further capital to reverse waning crude production

The federal Mexican government will raise its financial backing of Pemex, the state-owned oil and gas firm, significantly next year as it continues to eschew private investment. The Andres Manuel Lopez Obrador administration says it will allocate around $27bn to Pemex’s total budget for 2020—an increase of 8.8pc over the approved financial plan for 2019. In July, the company issued its Business Plan 2019-23 which pledged in 2020 to apportion around $14bn to E&P and c.$3bn for a new refinery to be built in the president’s home state of Tabasco. “In addition to the increase in resources, [Mexican finance minister] Arturo Herrera announced additional support for MXN$86bn ($4.41bn), of which

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