PEMEX Unveils Greenhouse Gas Reduction Targets

PEMEX presented its goals for reducing greenhouse gas emissions by 2027, aligning with the country's environmental objectives. In a recent investor presentation, the NOC outlined its commitment to significant reductions in emissions across various operational sectors.

The company aims to achieve a 48% reduction in greenhouse gas emissions associated with crude oil and gas production, a 36% reduction in emissions from crude oil refining processes, and a 58% reduction in emissions from gas processing complexes by 2027. These targets reflect a proactive approach by PEMEX to address environmental concerns while enhancing sustainability efforts.

"PEMEX recognizes that its contribution is very important to achieve the CO2 emissions reduction objectives, which is why it has established more ambitious goals," the company stated.

These initiatives come in response to Mexico's commitment to reduce greenhouse gas emissions from the oil and gas sector by 14% by 2030, amounting to 117.8 million mt of CO2e. PEMEX’s efforts signify a concerted push to align with national environmental targets and contribute to global efforts to combat climate change.

The company's environmental strategy includes substantial investments in environmental projects and expenses, totaling MXN$7.775 billion (US$455.661 million) from 2018 to 2022. These investments encompass a range of initiatives, from modernizing facilities and systems to monitoring and controlling air pollution, to R&D aimed at producing fuels with lower sulfur content in refineries.

Furthermore, PEMEX is prioritizing the management of methane emissions, particularly in its oil fields in the Gulf of Mexico. Recent reports have highlighted significant methane leaks, prompting the company to implement measures for detection, quantification, and mitigation of these emissions. Plans include capturing methane during repairs and maintenance of gas lines, as well as monitoring and replacing equipment in condensate storage tanks to minimize emissions.