Letter from Mexico: Deepwater ambitions drowning in debt
Mexico must harness the vast resources in the Gulf to meet the government’s goal of energy autonomy
Deepwater Gulf of Mexico is a province retaining significant potential for oil and gas exploration wins, but Mexico’s search for these prizes has lagged significantly behind that of the US. Now, under the presidency of Andres Lopez Obrador, Mexico is seeking to recentre the oil industry as the country’s primary lever for socioeconomic development. And the country must try to capitalise on existing deepwater Gulf resources and find more to make Lopez Obrador’s dream of energy sovereignty viable. It is likely too late, though, for the basin to contribute materially to a 2024 output target of 2.6mn bl/d. Despite the current administration’s stated focus on its NOC reducing debt, Pemex remains t

Also in this section
20 June 2025
The scale of energy demand growth by 2030 and beyond asks huge questions of gas supply especially in the US
20 June 2025
The Emirati company is ramping up its overseas expansion programme, taking it into new geographic areas that challenge long-held assumptions about Gulf NOCs
19 June 2025
Geopolitical uncertainty casts a pall over expectations around demand, supply, investment and spare capacity
19 June 2025
Shifting demand patterns leaves most populous nation primed to become downstream leader as China and the West retreat