Hydrocarbons Still Crucial for Mexico’s Future

The Mexico Energy Forum highlighted hydrocarbons’ continuing role in the energy transition and natural gas as a strategic pillar for energy security and growth, and the impact of fuel theft on prices, quality, and national security.

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Hydrocarbons Remain Vital in Mexico’s Energy Transition

The Mexico Energy Forum brought together experts, industry leaders, regulators, and private executives to discuss the future of Mexico’s energy sector amid ongoing reforms. 

PEMEX Clarifies: No Fracking for Shale Resources

PEMEX Director General Víctor Rodríguez clarified that the company's 2025-2035 Strategic Plan does not include the exploitation of unconventional shale resources through hydraulic fracturing, or fracking. During a National Energy Forum in the Senate, Rodríguez Padilla stated that PEMEX's strategy focuses on conventional deposits in the Southeastern and Veracruz Basins, not on shale resources.

PEMEX Cuts Threaten Specialized Technical Staff

PEMEX is facing strong opposition from its technical workforce over plans to cut more than 3,000 positions of trust. The National Union of Oil Technicians and Professionals (UNTyPP) warns that the cuts will unfairly target essential specialized staff, not high-level managers, potentially compromising operational safety and efficiency.

Gasoline Price Cap to Be Renewed

President Claudia Sheinbaum announced that Mexico will renew its voluntary agreement with gasoline retailers this August to keep the price of regular gasoline at MX$24/L (US$1.29/L). She also stated that a plan to reduce administrative procedures for gasoline retailers is expected to be signed this month.

Oil Prices Steady, Post Sharp Weekly Losses Amid Tensions

Oil prices ended stably on Friday but posted their sharpest weekly decline since late June, as tariff tensions and geopolitical uncertainty weighed on market sentiment. Brent crude fell 8.11% since July 30 to US$66.59/b, WTI dropped 8.74% to US$63.88/b, and Mexico’s oil mix declined 8.29% to US$61.6/b.

PEMEX Freshwater Use Rises 2.32% in 2024

While detailing progress on emissions reductions, PEMEX’s 2024 Sustainability Report revealed a 2.32% increase in fresh water usage compared to 2023 figures, totalling 176.6 million m3. This represents the second-highest usage in the past five years and contradicts the company’s stated goal to minimize freshwater consumption.

PEMEX Taps Lithium in Oilfield Brines to Advance Energy Shift

Víctor Rodríguez, Director General, PEMEX, announced that the company will collaborate with the Ministry of Energy and LitioMx to leverage the lithium potential found in oilfield brines. According to Rodríguez, high concentrations of lithium, comparable to those found in Bolivia, have been discovered during oil drilling operations, particularly in fields such as Jujo-Tecominoacán.