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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
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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
Pemex CEO faces questions following fire
Mexico Gulf of Mexico Pemex
Charles Waine
25 August 2021
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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

A major fire at Mexico’s largest offshore crude production complex, Ku-Maloob-Zaap (KMZ), shut in c.23pc of national output in late August, casting doubt on the government’s ability to meet its year-end production goal of 1.8mn bl/d. The shallow-water KMZ complex is responsible for 40.9pc of Mexico’s output. State oil company Pemex suffered a gas pipeline explosion at the site only a month before, August’s fire being the latest in a string of operating accidents for the NOC. “It was a severe fire with multiple causalities,” says Andres Armijos, head of Latin America at consultancy Welligence Energy Analytics. “It is too early to tell the reasons for the occurrence, but it comes only weeks af

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