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The government has stabilised falling production but has a long way to go to reach the 2.06mn bl/d target set for 2024
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Pemex running out of time

The state-controlled heavyweight may miss its 2021 upstream target despite downgrading original guidance

Mexican NOC Pemex may have slashed its year-end upstream production target to 1.8mn bl/d, but it still faces an upward battle to meet the revised goal. The firm produced 1.75mn bl/d over the most recent quarter—up by only 2.7pc on Q2 and 11pc below its original year-end target. “Pemex had originally targeted an average 1.94mn bl/d of liquids production for 2021,” says Fernando Tamayo, a Latin America research analyst at upstream consultancy Welligence Energy Analytics. “However, they have fallen well short, with production through September 2021 averaging 1.73mn bl/d.”  The company needs to find another 50,000bl/d before the end of the year to meet the new target, but Tamayo believes it wi

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