Petrochemicals Key for PEMEX’s Future: The Week in Oil & Gas

This week in Mexico’s oil and gas sector, PEMEX's ongoing debt challenges forced Opex to cut operations, while Altagracia Gómez emphasized the importance of petrochemicals in the upcoming National Energy Plan. Meanwhile, ANIQ called for private investment to revitalize idle petrochemical plants, with potential to boost PEMEX’s output significantly. President Sheinbaum confirmed Mexico may send fuel to Cuba amid its energy crisis. Lastly, Pietro Fiorentini’s local production plans highlight the company's commitment to supporting Mexico's energy future.

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PEMEX Debt Forces Opex to Reduce Operations

Opex, a well-drilling company, has been forced to reduce operations due to delayed payments from PEMEX, which owes over MX$10 billion to the former. Despite efforts by the NOC and the government to settle debts, financial solutions proposed were deemed unsustainable. Opex's CEO expressed confidence that this adjustment is temporary, while the company remains focused on strategic operations and national production.

Petrochemical Operations Will Be Key for PEMEX: Altagracia Gómez

Altagracia Gómez, President Sheinbaum’s coordinator of business relations, announced that Sheinbaum's administration will boost the petrochemical sector through PEMEX, emphasizing its potential to add significant value to hydrocarbons. Speaking at the National Chemical Industry Forum, she highlighted that the upcoming National Energy Plan will provide clarity to industry leaders.

ANIQ Calls for Investment in Petrochemical Plants

A the same forum, ANIQ President Claudia Márquez urged the government to collaborate with private companies to reactivate idle petrochemical plants, which could boost PEMEX’s production by 30%, or an additional 600,000t annually. She highlighted potential projects in Veracruz and Tamaulipas and stressed the need for reforms in natural gas extraction, simplified permits, and protection against foreign competition. ANIQ believes these measures could double the sector's GDP contribution by 2035 with investments of up to US$50 billion.

Mexico Could Send Fuel to Cuba to Alleviate Energy Crisis

President Claudia Sheinbaum confirmed that Mexico is considering sending fuel to Cuba to help alleviate the island’s ongoing energy crisis. The CFE is already providing technical assistance to address power outages caused by the failure of Cuba’s main thermoelectric plant. Sheinbaum emphasized that Mexico will support Cuba with humanitarian aid, including fuel if needed, to assist in overcoming the country’s electricity shortages.

Gas Will be the Future in Mexico: Pietro Fiorentini

Alberto Collamati, Director General, Pietro Fiorentini, says the company plans to explore local production opportunities to support the country's energy sector. Pietro Fiorentini has been operating in Mexico since 2013, providing innovative multiphase measurement technology to reduce gas combustion and environmental impact. Despite challenges, the company has become a leader in oil well measurements. Read the full interview here.