Mexico Will Accomplish Oil Sovereignty in 2024: AMLO
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Mexico Will Accomplish Oil Sovereignty in 2024: AMLO

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Eliza Galeana By Eliza Galeana | Junior Journalist & Industry Analyst - Tue, 03/21/2023 - 18:50

President López Obrador stated that in 2024, Mexico will stop importing foreign oil. According to the president, next year, the country will have the internal capacity to process the oil needed to fulfill the national gasoline and diesel demand. 

During the 85th anniversary of the oil expropriation, celebrated on March 18, 2023, President López Obrador underscored that energy sovereignty is a priority for his government. “Next year we will not buy gasoline, diesel or any other oil abroad. This government will continue to guarantee oil sovereignty,” he pointed out. 

During his speech, López Obrador praised the memory of former President Lázaro Cárdenas, and called on those he considers his political opponents. "It is interesting to emphasize that historically, the right wing always regroups when it is intended to carry out a democratic change and becomes intolerant and even violent when it comes to social demands that would benefit the entire nation,” he said. 

Moreover, López Obrador recalled that in February 2023, the state issued a decree to nationalize lithium. The decree establishes that 234,850 ha in the State of Sonora will be considered lithium reserves. Lithium is a mineral that this administration has categorized as strategic for the development of batteries needed for the production of electric vehicles and clean energy storage systems. 

In regards to oil sovereignty, Rocío Nahle, Minister of Energy, stressed that the Olmeca Refinery of Dos Bocas, Tabasco, will begin fuel production in 2023. Operations have been postponed a couple of times before. However, Nahle pointed out that production will start in July 2023 at half of its capacity, with about 170Mb/d. "The new Dos Bocas refinery is a reality and a source of pride for Mexicans. It has dignified the country and placed it at the top of the world,” Nahle commented. 

According to Octavio Romero, President, PEMEX, by the end of 2023, the platform’s production will be close to an average of 2MMb/d, which will bring the country closer to “fuel self-sufficiency.” Romero stressed that the current federal administration has restored more than 100% of the extracted hydrocarbon volume. From 2018 to date, oil production increased by 580Mb/d, going from 1.341MMb/ 1.921MMb/d. In terms of gas, production has grown 470MMcf/d, going from 3.8Bcf/d to 4.270Bcf/d. Romero added that in 2023, 97 exploratory wells and 256 producers will be developed, which on average means drilling one borehole per day. 

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