New Pemex Plan Scales Back Growth Ambitions

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.

Pemex may be starting to realize that it can’t do everything. In its 2021-25 business plan published this week, the Mexican state oil company acknowledged that oil demand uncertainty, price volatility and financial constraints have forced changes to its prior strategy, which aimed to chase higher output at any cost. Pemex has not abandoned its role as the protagonist of Mexico's energy sector and the agent of the nation's energy sovereignty, and continues to pursue the Dos Bocas refinery at full tilt despite creeping project costs. But the company has softened its production growth ambitions and may be inching toward more selectivity on upstream projects, changes it says are necessary given the business environment. Production Pullback

Corporate Strategy
Wanda Ad #2 (article footer)
The government will push agencies to factor climate implications into procurement, budgeting and other decisions.
Fri, Sep 22, 2023
The ban on exports of diesel and gasoline seems to be working as planned, pushing domestic gasoline prices down 10% and diesel prices down 15%.
Fri, Sep 22, 2023
The proposed expansion, which is currently being marketed by developer Sempra, would double the capacity of the base project in Texas.
Fri, Sep 22, 2023