Mexico Oil & Gas

President Andres Manuel Lopez Obrador has placed his bets firmly on the countrys oil and gas industry, with the revitalization of PEMEX as his principal target. From the refinancing of the NOCs significant debt to the funding of a mega-refinery in Dos Bocas, the president is reviving the NOC to help it recover former glories. The heavy financial commitments to back the development of 23 new fields toward 2023 and further exploration to replenish falling 3P stocks into the long term has given shape to the administrations national economic strategy. Eyes are firmly fixed on PEMEX and its leading role in the 2.6MMb/d production target for 2024. Meanwhile, private operators have made headway in their commitments to contracts won in earlier rounds. Onshore private operators are already producing, while Eni became the first private operator to produce offshore in 2019. More companies will follow in 2020 and 2021. As the Mexican oil and gas industry changes, PEMEX, private operators, supp...