Oil Reserves / CFE Aims to Generate 61% of National Energy

Oil Reserves. According to President Andrés Manuel López Obrador, Mexico has oil reserves to last for the next three presidential terms. 

President López Obrador shared that these details emerged during the closing-term meetings he has initiated with various sectors of the cabinet. "I am holding projection meetings for the end of the administration; I have already had a meeting with the entire PEMEX team. We analyzed the economic and financial situation. Regarding the oil reserves, I can inform you that we have enough reserves for ours and three more administrations, three six-year terms ahead. We will not suffer from a lack of oil," he declared. 

López Obrador attributed the government's success to investments in exploration, revealing significant oil fields onshore and in shallow waters, where extraction is more cost-effective. Additionally, he highlighted progress in refining to achieve energy self-sufficiency, emphasizing a shift from obtaining resources through crude oil sales to generating 80% of income domestically from fuel sales. 

CFE Aims to Generate 61% of National Energy. CFE will meet 61% of the country's energy needs starting September this year, announced Manuel Bartlett. He explained that this goal will be achieved through 25 projects divided into four groups: clean energies, combined-cycle plants, short-term projects, and power plant acquisitions, generating an additional 9,000MW in the national system. 

In addition, energy production from the 13 plants acquired by the Mexican state from the Spanish company Iberdrola will be added. "The presidential goal of increasing CFE's capacity to 52% of energy generation has been met. With the contribution of 13 Iberdrola plants, CFE will reach 61% by September this year," he noted. 

Bartlett assured that CFE's revenues increased by 40% with the projects carried out during this term, and he emphasized that electricity rates have not risen beyond inflation, benefiting households, businesses, and trade. He also mentioned that CFE is ready to welcome foreign companies due to the nearshoring phenomenon.

President López Obrador affirmed that the rehabilitation and strengthening of CFE's infrastructure will ensure sufficient energy supply in the country. He highlighted the modernization of 20 hydroelectric plants and the establishment of new combined-cycle plants.