PEMEX Reduces Gasoline Production, Increases Imports
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PEMEX Reduces Gasoline Production, Increases Imports

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Karin Dilge By Karin Dilge | Journalist and Industry Analyst - Wed, 03/29/2023 - 05:47

PEMEX achieved production of 1.869MMb/d of crude oil and condensates in its assignments and contracts with partners for the month of February. According to the Petroleum Statistics report, this represented a monthly decrease of 0.05% and a 6% annual increase in the amount of oil extracted by the state-owned company. 

Taking into account associated gas liquids in the deposits, crude oil and condensate products such as naphtha extracted mainly from onshore fields where PEMEX operates, the report for February showed a 2.033MMb/d production, which similarly implies a monthly decrease of 0.03% in volume, with an annual increase of 5.7%.

Considering only crude oil, PEMEX's production with partners reached 1.582MMb/d, showing a 0.1% decrease compared to January. Crude oil production with partners without condensates also fell 6%, 102Mb/d lower than in February 2022. Condensate production in February 2023 was the highest on record with 287Mb/d, representing an increase of 0.35% in a month but 3.3 times more than the 79Mb/d from February 2023.

Without partners, PEMEX reported a crude oil output of 1.562MMb/d, with a monthly decrease of 0.13%, in addition to the 6.1% annual drop observed. The NOC increased gasoline imports to 357Mb/d, a 6% month-on-month increase of 21.3Mb/d, representing a 27% annual increase of 79.8Mb/d. 

The state-owned company continues to work toward energy self-sufficiency. The Ministry of Energy has allocated a significant amount of funds to refurbish and improve the National Refining System (SNR), totaling MX$62.8 billion (US$3.3 billion) in 2023 to be allocated throughout the refinery system, not including the Olmeca refinery, which has been reported to cost at least US$14 billion.

Since 2019, a rehabilitation program was launched for the six refineries, which considered cleaning and repairs, in addition to normal maintenance and refinery operations. In 2021, 127 interventions were carried out, followed by 104 in 2022 and 39 major repairs and 186 minor repairs planned for 2023, including works on process plants, main services and storage tanks. The Minatitlan and Tula refineries will receive the most rehabilitation work.

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