PEMEX’s 2025 Roadmap: The Week in Oil and Gas

President Claudia Sheinbaum’s administration has unveiled a 10-year strategic plan aimed at reshaping PEMEX into a financially viable, operationally efficient, and environmentally responsible state energy company. 

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Mexico Unveils 10-Year Plan to Reform, Revive PEMEX

The 2025–2035 roadmap aims to mark a pivotal shift in the company’s direction, with reforms targeting debt reduction, production stabilization, and the relaunch of petrochemical and gas operations under a new vision of energy sovereignty.

Sheinbaum Sets Record in Fuel Theft Seizures With 70 Million L

President Claudia Sheinbaum’s government has seized nearly 70 million L of stolen fuel in just eight months, surpassing all confiscations made during the previous six-year administration which totaled 46 million L, according to PEMEX figures.

PEMEX Supplier Liabilities Climb in 2Q25 Despite Government Aid

PEMEX reported MX$391.6 billion in 2Q25 revenues and a net profit of MX$59.5 billion, aided by cost reductions and currency gains. However, the company’s growing debt to suppliers, now over MX$430 billion, has raised fresh concerns, even as financial debt declined and the federal government stepped in with renewed financial support.

Grupo México Suspends Drilling Platforms Over PEMEX Debt

Grupo México has temporarily halted operations on four offshore drilling platforms due to continued nonpayment by PEMEX, the company reports. In its 2Q25 financial statement to the Mexican Stock Exchange (BMV), Grupo México’s drilling subsidiary, Perforadora México (Pemsa), said that it is more viable to keep its jack-up platforms idle than continue operations without compensation. The affected platforms are located in Chihuahua, Zacatecas, Campeche, and Tabasco.

Weatherford Awarded MPD Contract for Trion

Weatherford has secured a contract to provide Managed Pressure Drilling (MPD) services for the Trion project, operated by Woodside. The multi-year contract covers MPD services for an initial eight wells, with the potential to extend to 24 wells. This award reinforces Weatherford’s presence in Mexico’s offshore energy sector.

Aid to PEMEX Falls Short of Covering Short-Term Debt

Mexico’s financial support for PEMEX remains insufficient to fully address its short-term financial and operational liabilities, according to a new report from S&P Global Ratings. While the federal government recently announced a US$10 billion debt transaction to ease immediate capital needs, the credit rating agency says that the aid does not resolve the broader liquidity gap PEMEX faces.

PEMEX, Union Extend Talks as Pension, Funding Concerns Linger

PEMEX and the National Oil Workers’ Union (STPRM) agreed to extend collective contract negotiations by 15 days, amid ongoing disputes over pensions and the lack of defined budgets for key operational areas such as maintenance and transportation, according to sources cited by Reforma.

OPEC+ to Increase Oil Production in September

Eight OPEC+ countries, including Saudi Arabia, Russia, Iraq, and the UAE, have agreed to increase oil production by 547Mb/d for September 2025. The decision follows a virtual meeting held on Aug. 3, 2025, to review global market conditions. This increase is part of a plan to gradually reverse 2.2MMb/d in voluntary adjustments that began in April 2025.

Global Offshore Rig Market to Rebound, Mexican Activity Lags

The global offshore drilling market is set for recovery, driven by increasing rig tenders, higher energy demand, and exploration in offshore regions such as Africa, Asia, Brazil and the Mediterranean. However, Mexico’s offshore drilling activity continues to decline, weighed down by budget constraints and supplier debt issues linked to PEMEX.