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
As Mexico readies itself for the looming threat of trade tariffs with the US, state oil and gas firm Pemex will be hoping this year is at least an improvement on the last. Oil revenues paid to the government plummeted by 14.6% in 2024, their lowest since 1990 according to the treasury. Upstream output was one factor and, in the first three-quarters of last year, Pemex averaged 1.789m b/d, a drop of 86,000b/d compared with the 2023 average. New fields brought online have helped offset Mexico’s declining mature fields but failed to restore crude output anywhere close to the 2m b/d mark of a decade ago. “Over the years, Pemex has faced challenges which have been marked by a steady decline in it
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
