Pemex to struggle with ambitious targets
The latest five-year plan compounds pressure on the already financially handicapped NOC
Mexican president Andres Lopez Obrador is sticking with his bullish outlook for domestic oil and gas production, despite his country repeatedly failing to meet annual upstream targets. NOC Pemex’s latest five-year plan—released in December—anticipates domestic crude production growing by 28pc by 2027. The state producer also expects to end 2024 at 1.965mn bl/d, way below the 2.480mn bl/d figure the firm initially predicted back in early 2019, but arguably still an overly ambitious target. “Pemex has failed to reach its production targets every year since Obrador took office in 2018,” explains Omar Rios, a research analyst at upstream consultancy Welligence Energy Analytics. “Production has b
Also in this section
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy
15 April 2024
Though hampered by methane concerns, US LNG has a crucial role to play for European and Asian energy security, US economic needs and the energy transition drive