Pemex’s latest five-year plan anticipates domestic crude production growing
Pemex to struggle with ambitious targets
The latest five-year plan compounds pressure on the already financially handicapped NOC
Mexican president Andres Lopez Obrador is sticking with his bullish outlook for domestic oil and gas production, despite his country repeatedly failing to meet annual upstream targets. NOC Pemex’s latest five-year plan—released in December—anticipates domestic crude production growing by 28pc by 2027. The state producer also expects to end 2024 at 1.965mn bl/d, way below the 2.480mn bl/d figure the firm initially predicted back in early 2019, but arguably still an overly ambitious target. “Pemex has failed to reach its production targets every year since Obrador took office in 2018,” explains Omar Rios, a research analyst at upstream consultancy Welligence Energy Analytics. “Production has b
Also in this section
12 December 2025
The federal government is working with Alberta to improve the country’s access to Asian markets and reduce dependence on the US, but there are challenges to their plans
12 December 2025
The latest edition of our annual Outlook publication, titled 'The shape of energy to come: Creating unique pathways and managing shifting alliances', is available now
11 December 2025
The removal of the ban on oil and gas exploration and an overhaul of the system sends all the right messages for energy security, affordability and sustainability
10 December 2025
The economic and environmental cost of the seven-year exploration ban will be felt long after its removal
