Pemex headquarters in Mexico City
Mexico must overhaul its NOC
Crucial structural reforms and change in operating philosophy are needed to arrest PEMEX’s ongoing decline and restore oil production growth
Mexico’s crude oil output has dropped sharply to around 1.4m b/d, down from a peak of more than 3m b/d in the early 2000s, posing significant challenges for the upstream sector and the government. State oil company PEMEX accounts for most of the country’s oil output, producing about 95% of domestic crude as of 2025. The company faces unprecedented financial and operational pressure as President Claudia Sheinbaum’s administration seeks to balance state control over hydrocarbons with debt reduction and supply stability by prioritising unconventional resource development, among other initiatives. While energy analysts remain doubtful about the success of these measures in the long run, they cou
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
