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
16 April 2025
Israel continues to strike new oil and gas concession agreements and gas exports continue to rise, but an overreliance on Egypt remains the big concern
15 April 2025
Loss of US shipments of key petrochemical feedstock could see Beijing look to Tehran with tariffs set to upend global LPG flows
15 April 2025
Australia’s East Coast Gas projections for a supply shortfall have been pushed further out, but the challenge to meet evolving gas demand and the shifting assumptions around the fundamentals remain just as stark
15 April 2025
Long-delayed prospects for onshore LNG production in Mozambique have improved thanks to US financing approval, but security challenges blight way ahead
