Pemex reverses production decline

Mexico’s leading energy provider enjoyed a strong quarter but will have to overcome hurdles to achieve its upstream objectives

This year is proving a welcome reprieve for Mexican NOC Pemex, the world’s most heavily indebted oil and gas company. After posting almost $11bn in losses last year, the firm clawed back more than $12bn in profits over the first two quarters of 2022 and is also starting to see a reversal in its upstream fortunes. Crucially for the government, slumping crude production appears to have stabilised. By year-end Pemex expects to reach 1.83mn bl/d of output, which would represent a 4pc rise year-on-year and a c.12pc increase since volumes bottomed out in 2019. 1.83mn bl/d – Pemex’s year-end production target Under former President Enrique Pena Nieto, Pemex’s crude output went from bad to w