Introduction to Pemex and its Current Situation
Petróleos Mexicanos (Pemex), Mexico’s state-owned petroleum company, reported a liquid hydrocarbon production of 1.635 million barrels per day (bpd) in the past year, marking a 7% decrease from the previous year’s report and reaching its lowest level in 46 years. This decline is part of a larger trend since Andrés Manuel López Obrador’s administration took office in 2018, with overall production dropping by 28% over the past decade.
Pemex’s Strategic Plan and Production Targets
Despite ongoing efforts and investments to boost production and slow down the decline of existing wells, Pemex’s strategic plan for 2025-2035 aims to reach 1.8 million bpd of liquid hydrocarbon extraction. For 2026, the target is set at 1.794 million bpd, which would be approximately 160,000 bpd higher than the previous year’s report.
Production Breakdown
- Liquid Hydrocarbons: In 2025, Pemex produced an average of 1.635 million bpd, including crude oil and condensates. This represents a 10.8% decrease since 2018.
- Crude Oil Only: When considering only crude oil, Pemex’s production averaged 1.367 million bpd in 2025, a 7.9% decrease from the previous year.
- Condensates: Pemex began reporting condensate extraction separately in 2018. In 2025, condensate production was 267,867 bpd, a 2.3% decrease from the previous year.
Impact on Major Fields
Pemex’s General Director, Víctor Rodríguez Padilla, has emphasized the need to diversify production as the era of large fields supporting petroleum extraction comes to an end. The Marina Noroeste region, which includes the Cantarell and Ku-Maloob-Zaap fields, contributed 41% to the total national production in 2025, down from 49.6% in 2015.
Performance of Major Fields
- Cantarell: This major field produced 114,016 bpd in 2025, a 19.4% decrease from 2024 and a 58% decrease since 2015.
- Ku-Maloob-Zaap: Ku-Maloob-Zaap’s production was 530,478 bpd in 2025, a 9.4% decrease from the previous year and a 39% decrease since 2018.
Key Questions and Answers
- What is Pemex? Petróleos Mexicanos (Pemex) is Mexico’s state-owned petroleum company, responsible for exploration, production, and marketing of oil and natural gas.
- Why is Pemex’s production declining? The decline in Pemex’s production is due to the maturity of large fields, insufficient investments, and the lack of new discoveries.
- What are condensates? Condensates are light hydrocarbons with a low boiling point, often associated with natural gas but sometimes recovered as liquids from oil wells.
- How does this affect Mexico’s energy sector? The decline in Pemex’s production may lead to increased imports of petroleum products, affecting Mexico’s energy security and trade balance.
