The government has stabilised falling production but has a long way to go to reach the 2.06mn bl/d target set for 2024

Mexico Pemex

23 November 2021

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 wi

Welcome to the PE Media Network

In 2021 Petroleum Economist is joined by Hydrogen Economist and Transition Economist to form the only genuinely comprehensive intelligence service covering the global energy industry