PEMEX to Seek Financing: The Week in O&G

PEMEX returned to the Mexican Stock Exchange (BMV) this week, marking its first local debt issuance since 2019. The state-owned oil company will place three bond tranches totaling MX$31.5 billion (US$1.83 billion), part of a broader MX$75.5 billion corporate debt wave projected for 1Q26.

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PEMEX Returns to BMV With MX$31.5 Billion Bond Sale

The issuance includes the PEMEX 26, PEMEX 26-2, and PEMEX 26U instruments. The PEMEX 26 bond has a 5.2-year term, a monthly variable coupon rate and a bullet principal repayment at maturity. The PEMEX 26-2 bond, also peso-denominated, offers a semiannual coupon and an 8.5-year maturity. The third tranche, PEMEX 26U, is denominated in inflation-linked Investment Units (UDIS), carries a 10.5-year maturity and pays a fixed real semiannual coupon.

Carlos Slims Enters Mixed Contract for Macavil Field

PEMEX has awarded a new mixed contract for the onshore Macavil field to a company linked to billionaire Carlos Slim, marking another step in the growing alignment between the national oil company and one of the country’s most powerful business groups. The decision comes as PEMEX accelerates the rollout of its new mixed-contract model amid mounting financial pressures and declining production levels.

According to Reuters, the Macavil contract was awarded in late January to a Slim-owned firm, following the signing of several mixed contracts in December. The scheme is part of PEMEX’s strategy to bring in private capital while retaining a minimum 40% stake in upstream projects, an approach designed to shore up investment without fully reopening the sector to competitive bidding as seen under Mexico’s 2013 energy reform.

Mexico Reframes Cuba Aid Amid Increased Regional US Influence

Cuba is facing one of its most severe energy crises in decades, as the collapse of fuel supplies has triggered prolonged blackouts, paralyzed transportation and pushed the island into a state of emergency. At the center of the unfolding crisis is a rapid contraction of oil shipments from its traditional allies, particularly Venezuela and Mexico, amid a shifting geopolitical landscape and renewed pressure from the United States.

President Sheinbaum has been explicit in drawing that distinction. She has stated that Mexico will continue diplomatic efforts to resume oil shipments but will prioritize humanitarian aid in the short term. “We do not want sanctions for Mexico,” she said, while also criticizing the US blockade of Cuba as unjust and harmful to civilians. The government has also indicated that additional shipments of food aid are being prepared, underscoring Mexico’s attempt to maintain its historical narrative of solidarity with Cuba while recalibrating its energy policy.

Halliburton Taxes Highlight Private Participation in Mexico’s O&G

Private sector involvement in Mexico’s oil and gas industry remains a focal point of debate, policy evolution, and operational strategy as the state-led model adapts to global market pressures and national production goals. Recent disclosures of Halliburton’s tax contributions in Mexico underscore not only the economic footprint of international service providers, but also the structural role that private participation continues to play in a sector long dominated by PEMEX.

Halliburton reported that in 2025 it paid US$112 million in income taxes in Mexico, making the country the largest foreign tax jurisdiction for the company. This figure formed part of the US$603 million in income taxes paid abroad, out of a total US$639 million globally. Mexico’s share outpaced other major jurisdictions such as Saudi Arabia and the United States, where Halliburton paid US$76 million and US$36 million respectively. The company’s financial results for the year showed a contraction in overall revenues of 3% to US$22.184 billion, while net income fell 49% to US$1.283 billion, affected by extraordinary asset impairment charges.

PEMEX Provides Specialized Training, Seeks to Strengthen Safety

PEMEX announced that it provided specialized training to 1,361 security personnel in 2025 focused on the physical and documentary inspection of fuel transport trucks, a measure aimed at reinforcing institutional strategies against fuel theft and irregularities in the transport of hydrocarbons. The training was developed by the company’s Subdirection of Strategic Safeguarding and involved participants from the Armed Forces, the National Guard, and other security institutions across federal, state and municipal levels.

The theoretical-practical course, titled Physical and Documentary Inspection of Autotanques that Transport Hydrocarbons and Petroleum Products, included instruction on identifying falsified, duplicated or missing documentation among fuel transporters, and emphasized compliance with regulatory requirements for the secure movement of LP gas, gasoline and diesel. Practical sessions took place in laboratory settings designed to simulate real-world identification scenarios for inspecting fuel samples and documentation.

PEMEX Highlights Strategic Projects

PEMEX highlighted its investment program for 2026 that directs roughly MX$38 billion (US$2.201 billion) toward strengthening two core strategic developments in the northeastern state of Tamaulipas and the Gulf of Mexico. The initiative is part of a broader push to reverse decades of declining hydrocarbons production and bolster Mexico’s energy sovereignty under the government of President Claudia Sheinbaum.

According to the NOC, the funding will support acceleration of the ultra-deepwater Trión Project in the Gulf of Mexico and expanding development in the Burgos Basin, a prolific terrestrial hydrocarbon region and one of the largest natural gas producing areas in the country. The announcement was made during an event at the Palacio Nacional attended by PEMEX Director General Víctor Rodríguez, who stressed the importance of growing domestic supply to meet both national demand and strategic goals.

PEMEX Controls Gasoline Pipeline Fire in Baja California

PEMEX reported that it successfully controlled a fire on the Rosarito–Mexicali gasoline pipeline in the municipality of Playas de Rosarito, Baja California, following a presumed fuel leak. According to the NOC, the incident did not pose a risk to the population and no injuries were reported. However, the event has once again brought PEMEX’s operational safety record into focus, particularly as concerns grow over aging infrastructure and recurring incidents across the company’s logistics network.

PEMEX explained that once the fire was detected, pipeline operations were immediately suspended and emergency response protocols were activated. The response involved coordination with Baja California Civil Protection authorities, the National Guard, municipal fire departments and PEMEX’s Physical Security teams. The company added that personnel remain at the site to conduct containment work and repairs, while a specialized technical team will carry out an investigation to determine the cause of the incident.

Cotemar Secures CSR Recertification for 2026–29

Mexican energy services company Cotemar has obtained recertification of its Corporate Social Responsibility (CSR) Management System under the international IQNet SR10 standard, following an external audit covering both onshore and offshore operations, the company said.

The recertification, granted by auditing firm AENOR, is valid for the 2026–2029 period and confirms the continuity and maturity of Cotemar’s CSR practices. With this milestone, Cotemar said it remains the first company in Mexico — and the only one in the oil and gas sector, to operate a certified Corporate Social Responsibility Management System integrated into its core business model.

PEMEX Charts Path to Lower Emissions by 2030

PEMEX has launched a renewable energy roadmap through 2026 that includes offshore wind power, high-enthalpy geothermal energy and green hydrogen production. The plan targets a cumulative reduction in energy consumption of nearly 6.1% by 2030 and annual emissions cuts of up to 1.8MMt CO₂e. PEMEX says these reductions would be equivalent to the annual carbon sequestration capacity of roughly 80 million trees or removing more than 500,000 vehicles from circulation.

PEMEX CEO Víctor Rodríguez Padilla presented the plan at an official government event, describing it as “a comprehensive vision that strengthens energy sovereignty, improves efficiency and leverages existing assets, while contributing to sustainability through a gradual reduction of the carbon footprint.”