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
![](/images/white-fade.png)
Also in this section
26 July 2024
Oil majors play it safe amid unfavourable terms in latest oil and gas licensing bid rounds allowing Chinese low-ball moves
25 July 2024
Despite huge efforts by India’s government to accelerate crude production, India’s dependency shows no sign of easing
24 July 2024
Diesel and jet fuel supplies face a timebomb in just four years, and even gasoline may not be immune
23 July 2024
Rosneft’s Arctic megaproject is happening despite sanctions, a lack of foreign investment and OPEC+ restrictions. But it will take a long time for its colossal potential to be realised