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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
Letter from South America: Mexico plays catch-up
The country’s upstream strategy seems at odds with reality and will require an about-turn if there is any hope of meeting its production targets
Pemex running out of time
The state-controlled heavyweight may miss its 2021 upstream target despite downgrading original guidance
Pemex fire scorches upstream ambitions
Hopes that national crude production will eclipse pre-pandemic levels look distant after platform blaze in the Gulf of Mexico
Talos loses out on Zama operatorship
Mexican authorities rule in favour of NOC Pemex, raising doubts about the speed to first oil
Pemex treading a tightrope
Mexican producer must weigh ambitious upstream strategy with rapidly rising debt
Latin America plays catch-up
The pandemic wreaked havoc on NOC balance sheets in 2020, but the region still has some competitive advantages
No quick fix for Pemex
The government may have been forced to scale back its upstream ambitions. But even the revised targets might be too much, too soon
PE Live: Easing unitisation tensions in Mexico
The outcome of upstream discussions could prove to be a turning point for the country’s energy reforms and the future of international participation
Pemex scales back upstream goals
The strained producer downgrades its 2021 forecast as rapid economic recovery looks doubtful
Mexico Pemex
Charles Waine
14 May 2019
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Pemex shoulders upstream burden

Suspension of private investment opportunities ramps up pressure on the Mexican state firm

Before last year's election, investors raised concerns that Andrés Manuel López Obrador's win would trigger the scale-back of Mexico's energy reforms. Less than five months later, those fears have been realised: López Obrador has suspended oil auctions for the next three years and placed a moratorium on farm-outs until production from existing projects begins flowing. Mexican authorities now face the task of propping up ailing state oil company Pemex without the prospect of any joint-venture capital or future private participation. In February, the government offered $1.3bn in capital injection and $0.8bn in tax relief to help bailout the company — a tiny contribution compared to the total $

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