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
Also in this section
28 March 2024
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
28 March 2024
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
28 March 2024
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources