Pemex scales back upstream goals
The strained producer downgrades its 2021 forecast as rapid economic recovery looks doubtful
Mexican state-owned oil firm Pemex has been forced to revise down its crude upstream target for 2021. The producer cut c.170,000bl/d from an earlier projection of 2.03mn bl/d after the government reforecast its near-term oil price. Before the Covid-19 pandemic, Pemex had predicted an average price for a Mexican crude oil mix of $49/bl for 2020. But as global energy demand reeled, the realised price slumped to just above $31.80/bl over the first six months of the year. And the government predicts only a slow recovery in prices next year. The finance ministry expects oil to rebound to an average of just $42.10/bl for 2021. “Due to low expected oil prices during 2021, Pemex has decided to focus
Also in this section
19 April 2024
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy