Mexico's state-owned oil giant, Pemex, is facing a significant reduction in its upstream budget for the fourth quarter, a move that is expected to impact short-term crude production
Mexico ’s state-owned oil giant, Pemex , is facing a significant reduction in its upstream budget for the fourth quarter. According to internal documents, the company plans to cut spending by 20%, or Mxn 26.78bn $1.38bn, a move that is expected to impact short-term crude production. This cutback follows instructions from Pemex ’s new upstream head, Nestor Martinez, to scale back major well repairs and seismic data contracts. Pemex , which produced 1.
The company has also faced rising debt, which continues to be a burden on Mexico’s economy. Meanwhile, Mexico’s government is doubling down on policies that prioritize state-owned companies like Pemex and the power firm CFE. Recent constitutional amendments aim to give CFE preferential treatment in electricity dispatch, pushing private-sector producers to the sidelines.
Mexico Tax Breaks Upstream Oil Production Sheinbaum
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