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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
Pemex scrambles to plug the gap
The NOC’s dire financial situation and maturing fields have left the authorities with little choice but to reduce crude expectations
Hydrocarbon Processing Refining Databook 2025: Americas
The US and Canada are boosting capacity builds for renewable diesel and biofuels, while Central and South American countries are investing heavily to upgrade and expand their domestic refining sectors
Latin America’s evolving crude outlook
New supply from Argentina, Brazil and Guyana is rich in middle distillates, but optimism in terms of volume growth remains tempered by regulatory and technical risks as well as price volatility
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
Mexico Pemex
Charles Waine
17 January 2020
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Zama oil find targets 2020 FID

Upgraded resource estimate from Mexican field boosts hopes of a financial decision, but a serious potential roadblock remains

Mexican president Andres Lopez Obrador took little time in shelving all planned licensing rounds when he secured office at the tail-end of 2018—rolling back a raft of energy reforms which had granted new entrants’ access to the sector for the first time since the sector’s nationally iconic 1938 nationalisation and ending state-owned oil and gas firm Pemex’s monopoly. But while further concessions have now been suspended, discoveries already made by beneficiaries of the reforms are moving towards first oil. The shallow water Zama discovery, first announced in 2017 by a consortium of operator US independent Talos Energy (35pc), Mexico’s Sierra Oil and Gas (40pc)—later taken over by Germany’s W

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