Newsletters | Request Trial | Log in | Advertise | Digital Issue   |   Search
  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search
Related Articles
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
11 March 2021
Follow @PetroleumEcon
Forward article link
Share PDF with colleagues

Pemex treading a tightrope

Mexican producer must weigh ambitious upstream strategy with rapidly rising debt

Striking the right balance in Mexico’s upstream between expectation and reality has been a challenge for President Andres Lopez Obrador. His efforts to halt years of declining crude production started to bear fruit in mid-2019, only to be knocked off-course by the pandemic. But overly ambitious targets have often been missed, and the financial burden on state oil firm Pemex is starting to mount. The Mexican NOC ended last year with a massive MXN481bn ($22.6bn) net income loss, driven mainly by crude prices plummeting by 36pc. Most notably, the NOC increased its hefty debt pile by 14pc, reaching $113.2bn at year-end. By comparison, Brazilian peer Petrobras has paid down $35bn since its debt t

Also in this section
China creates two-tier oil dynamic
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
Trump’s Russia threat rings hollow
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
US oil sector faces complicated path
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
Brazil looks to solve its energy security travails
24 July 2025
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken

Share PDF with colleagues

Rich Text Editor, message-text
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
COPYRIGHT NOTICE: PDF sharing is permitted internally for Petroleum Economist Gold Members only. Usage of this PDF is restricted by <%= If(IsLoggedIn, User.CompanyName, "")%>’s agreement with Petroleum Economist – exceeding the terms of your licence by forwarding outside of the company or placing on any external network is considered a breach of copyright. Such instances are punishable by fines of up to US$1,500 per infringement
Send

Forward article Link

Rich Text Editor, txt-link-message
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
Send
Sign Up For Our Newsletter
Project Data
Maps
Podcasts
Social Links
Featured Video
Home
  • About us
  • Subscribe
  • Reaching your audience
  • PE Store
  • Terms and conditions
  • Contact us
  • Privacy statement
  • Cookies
  • Sitemap
All material subject to strictly enforced copyright laws © 2025 The Petroleum Economist Ltd
Cookie Settings
;

Search

  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search