Pemex shoulders upstream burden
Suspension of private investment opportunities ramps up pressure on the Mexican state firm
Before last year's election, investors raised concerns that Andrés Manuel López Obrador's win would trigger the scale-back of Mexico's energy reforms. Less than five months later, those fears have been realised: López Obrador has suspended oil auctions for the next three years and placed a moratorium on farm-outs until production from existing projects begins flowing. Mexican authorities now face the task of propping up ailing state oil company Pemex without the prospect of any joint-venture capital or future private participation. In February, the government offered $1.3bn in capital injection and $0.8bn in tax relief to help bailout the company — a tiny contribution compared to the total $
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
