The government has stabilised falling production but has a long way to go to reach the 2.06mn bl/d target set for 2024
Pemex running out of time
The state-controlled heavyweight may miss its 2021 upstream target despite downgrading original guidance
Mexican NOC Pemex may have slashed its year-end upstream production target to 1.8mn bl/d, but it still faces an upward battle to meet the revised goal. The firm produced 1.75mn bl/d over the most recent quarter—up by only 2.7pc on Q2 and 11pc below its original year-end target. “Pemex had originally targeted an average 1.94mn bl/d of liquids production for 2021,” says Fernando Tamayo, a Latin America research analyst at upstream consultancy Welligence Energy Analytics. “However, they have fallen well short, with production through September 2021 averaging 1.73mn bl/d.” The company needs to find another 50,000bl/d before the end of the year to meet the new target, but Tamayo believes it will
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
