Background on Pemex and its New Plan
Petróleos Mexicanos (Pemex), Mexico’s state-owned petroleum company, plans to rely on private sector strategies as part of its new Plan 2025-2035. This strategy includes revitalizing mature fields through mixed contracts with private companies, participating in large projects like Zama and Trión with a 49% stake, exploring and developing existing fields, and tackling frontier or complex areas.
New Mixed Contracts and Their Potential
Víctor Rodríguez Padilla, Pemex’s General Director, announced that these new mixed contracts have the potential to add crude and gas reserves to Mexico’s national portfolio by 2035. He explained that the current invitation for these contracts aims to evaluate fields under new legal conditions, with a focus on reviving those with remaining potential but insufficient production, such as Arenque, Miquetla, México Terciario, and Agua Fría.
Key Partnerships and Projects
A significant aspect of Pemex’s new plan involves production from two major fields where the company collaborates with private entities: Zama (shallow waters) and Trión (deep waters). Zama is expected to yield 180,000 barrels per day at its peak, while Trión, operated by Australian company Woodside, targets deep-water development.
Exploration and Enhanced Recovery
Rodríguez Padilla emphasized that a substantial portion of Pemex’s resources will be allocated to exploration, aiming to add new reserves to the portfolio. Additionally, the company will continue working on enhanced recovery and operational optimization to slow the decline of mature fields like Akal, Maloob, Ayatsil, and Zaap.
Frontier Areas and Renewable Transition
Pemex will also investigate frontier areas and complex formations for potential hydrocarbon reserves. However, the company does not aim to fully exploit the country’s hydrocarbon potential but rather cap it at 1.8 million barrels per day, as outlined by President Claudia Sheinbaum. Sheinbaum also highlighted Mexico’s transition towards a renewable energy model, which includes Pemex and the Comisión Federal de Electricidad’s (CFE) activities.
Key Questions and Answers
- What are the new strategies Pemex is adopting? Pemex plans to leverage private sector involvement through mixed contracts, participate in large projects like Zama and Trión, explore existing fields, and investigate frontier or complex areas as part of its Plan 2025-2035.
- What are the potential benefits of these new strategies? These strategies aim to add crude and gas reserves to Mexico’s national portfolio, revitalize underperforming mature fields, and contribute to the country’s transition towards renewable energy sources.
- Which key projects will Pemex focus on? Pemex will prioritize production from Zama and Trión fields, collaborating with private entities. The company also intends to explore frontier areas and complex formations for potential hydrocarbon reserves.
- What is the ultimate goal for Pemex’s hydrocarbon production? Under President Claudia Sheinbaum’s guidance, Pemex aims to cap its hydrocarbon production at 1.8 million barrels per day while transitioning towards a renewable energy model.
