The government has stabilised falling production but has a long way to go to reach the 2.06mn bl/d target set for 2024
Pemex running out of time
The state-controlled heavyweight may miss its 2021 upstream target despite downgrading original guidance
Mexican NOC Pemex may have slashed its year-end upstream production target to 1.8mn bl/d, but it still faces an upward battle to meet the revised goal. The firm produced 1.75mn bl/d over the most recent quarter—up by only 2.7pc on Q2 and 11pc below its original year-end target. “Pemex had originally targeted an average 1.94mn bl/d of liquids production for 2021,” says Fernando Tamayo, a Latin America research analyst at upstream consultancy Welligence Energy Analytics. “However, they have fallen well short, with production through September 2021 averaging 1.73mn bl/d.” The company needs to find another 50,000bl/d before the end of the year to meet the new target, but Tamayo believes it will
Also in this section
24 April 2025
The government hopes industry reforms can drive ambitious upstream plans
24 April 2025
Two consecutive years of sub-par hydrocarbon discoveries signal a precarious time for the energy world
23 April 2025
Oil and gas prices could come crashing down, resurrecting ghosts of trade wars past
23 April 2025
Capping state corporate income tax deductions would reduce energy supplies and raise prices
