Pemex CEO Victor Rodriguez Padilla at a Pemex event in August
Mexico’s upstream Pemex gamble
The government refuses to expand E&P access despite the NOC’s high debt pile, falling crude output and growing gas import dependence
President Claudia Sheinbaum’s recent promise to revive Mexico’s flagging upstream, as well as achieve financial self-sufficiency for state oil and gas firm Pemex, is off to a shaky start. Liquid hydrocarbons output has slumped by almost 10% year-on-year in 2025 through to September, while the country’s rig count has collapsed by almost a half. In February, the Mexican government announced a new crude production target of 1.8m b/d, in addition to 5bcft/d for gas, both set for 2030. Over the same timeframe, Pemex has been tasked with cutting its debt by almost a quarter, reducing its debt pile from almost $100b today to $77b by the end of the decade. The problem is that those lofty ambitions
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
