PEMEX Transforming: The Week in Oil and Gas

PEMEX is set to transform over the next administration. The NOC, a public company once again, will focus on boosting reserves and is opening up to private collaboration.

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Mexico to Boost Reserves, PEMEX Open to Private Participation

PEMEX aims to increase its hydrocarbon reserves and ensure their restitution during the government of President Claudia Sheinbaum. PEMEX CEO Víctor Rodríguez discussed the strategy, emphasizing the importance of opening exploration and production to private investment to share risks and exchange technology.

PEMEX Working in New Fiscal Regime

PEMEX is working with the government on a new fiscal regime, reported Rodríguez. He stated that the NOC is collaborating with the Ministry of Finance (SHCP) to develop a fiscal framework that contributes to public finances while recognizing the advanced geological maturity and operational specifics of the company. "A renewed fiscal regime will allow us to exploit fields that are currently not economically viable under existing conditions," he said.

OPEC Announces Cuts as Oil Prices Hike

Oil prices increased by nearly 3% following another OPEC oil production cut. Additionally, a new tropical storm forecast threatens US Gulf production, while ongoing political tensions add to the uncertainty. OPEC+ postponed its plan to increase oil production by 180Mb/d, originally scheduled for December. The organization announced that Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman agreed to extend the 2.2MMb/d voluntary production cuts for one month until the end of December 2024.

PEMEX Secures Investment to Boost Fuel Storage Capacity

PEMEX will receive an investment of US$10.4 billion to enhance its fuel storage capacity, announced Minister of Economy Marcelo Ebrard. This investment aims to support the development of a significant fuel deposit managed by Good Science Energy.