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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
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
Mexico’s new president faces fiscal crunch
While greater focus on decarbonisation is likely, economic pressures and huge debt burden could squeeze energy policy ambitions
Mexico’s election could evolve oil nationalism
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
Mexico’s fledgling LNG export industry faces growth challenges
While developers are making progress, infrastructure, regulatory and political uncertainties risk stunting opportunities
Optimism grows around Mexican upstream
Things are looking up for exploration and production in Mexico, with new finds and developments set to boost output in coming years
Global LNG analysis report 2023 – Part 4
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
The latest five-year plan compounds pressure on the already financially handicapped NOC
Mexico aims for Atlantic Basin FLNG success
Rapid development of significant GoM gas deposit may yet be outpaced by a quicker pipeline solution
Woodside sees long-term future for LNG
CEO Meg O’Neill is positive about the prospects for gas as the energy transition gathers pace
Mexico Pemex
Charles Waine
11 September 2020
Follow @PetroleumEcon
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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

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