Upgrade for PEMEX: The Week in Oil and Gas

Moody’s has upgraded the long-term local currency senior unsecured debt rating of several PEMEX certificates to AAA.mx from AA+.mx, with a stable outlook, according to a statement released to the Mexican Stock Exchange (BMV). However, Moody’s noted the rating could be revised downward if there is a significant shift in energy policy.

Ready for more? Here is the weekly roundup!

Banco Sabadell Backs MX$5.27 Billion for Gas Transport, Storage

Spanish lender Banco Sabadell is betting on Mexico’s growing energy needs with MX$5.27 billion in financing for natural gas transport and storage projects, part of a wider push to reinforce the country’s industrial backbone and energy security.

PEMEX Works to Contain Poza Rica-Salamanca Pipeline Spill

PEMEX is working to contain a crude oil spill reported on Aug. 23 along the Poza Rica–Salamanca pipeline near Huauchinango, Puebla. The state-owned company said specialized personnel from its Ductos Catalina unit immediately activated emergency protocols and deployed equipment, including a vacuum pressure recovery unit and oleophilic barriers.

Sheinbaum Addresses PEMEX Corruption Cases, Executive Arrests

President Claudia Sheinbaum addressed the ongoing investigations into alleged corruption involving former executives at PEMEX, confirming that several cases tied to bribery schemes and irregular contracting practices are advancing in Mexico and the United States. During her morning press conference, Sheinbaum confirmed that a bribery attempt involving three PEMEX officials during the previous administration was detected and stopped under the leadership of former PEMEX Director Octavio Romero.

2025 Hurricane Season Threatens the Oil and Gas Industry

The 2025 hurricane season, from June 1 to Nov. 30, is shaping up to be notably active. The National Oceanic and Atmospheric Administration (NOAA) projects a 60% chance of an above-normal Atlantic hurricane season, forecasting 13 to 19 named storms, including six to 10 hurricanes and three to five major hurricanes which are category 3 or higher. Additionally, sea surface temperatures in the Gulf of Mexico are nearly 2°F above historical averages, which can fuel more intense and rapidly strengthening storms.

Natural Gas Crucial for 2025–2030 Strengthening, Expansion Plan

The Plan for Strengthening and Expanding the National Electricity System (2025–2030) is a pivotal initiative presented by President Claudia Sheinbaum to modernize Mexico’s electricity infrastructure and strengthen its energy sovereignty. The plan entails adding a total of 29,074MW of new generation capacity by 2030, of which 22,674MW will be developed by CFE and the remaining capacity by private entities.