Plan by Mexican President Claudia Sheinbaum to Transform Pemex
In two years, the Mexican government plans to sever the financial link between Petróleos Mexicanos (Pemex) and public finances, according to President Claudia Sheinbaum.
Key Objectives
- By 2027, Pemex will no longer receive capital contributions from the government.
- Achieve financial and operational viability, reduce debt, and consolidate operational restructuring by 2025-2026.
- Improve credit rating and regain investment grade status.
- Grow sustainably without compromising future prospects.
Financial Vehicle Creation
A financial vehicle will be established in Banobras by 2025-2026, worth 250 billion pesos, using public funds and private bank resources to cover Pemex’s operational and financial needs for that period.
Plan Presentation
On August 5, 2025, the Integral Pemex Plan was presented by the Secretariats of Energy, Finance, and Pemex. Luz Elena Gonzalez, Edgar Amador, and Victor Rodriguez emphasized that the plan ensures Pemex’s economic viability under principles of sovereignty, security, sustainability, and just energy.
Debt Reduction
According to the Finance Secretary’s calculation, Pemex’s debt is expected to decrease to around $77 billion by 2030, down from $97 billion at the end of 2024 and an estimated $88 billion by the end of 2025.
Focus on Gas Natural Exploration and Refinery Model
Pemex’s Director, Victor Rodriguez, highlighted the company’s new business strategy focusing on gas natural exploration and extraction from all possible reservoirs, including unconventional ones (shale or tight gas).
Mexico, though a petroleum nation, has significant gas natural resources—both conventional and unconventional. Rodriguez emphasized exploiting this potential, stating, “Gas is the energy of the future. We need that gas, and it should be national. We must reduce dependence and find that gas wherever it is: in conventional reservoirs, complex geological settings, offshore or onshore.”
Fracking Perspective Shift
The government’s shift in perspective also includes embracing fracking, previously stigmatized and rejected under the López Obrador administration. This change aims to unlock Mexico’s vast gas natural reserves for industrial and domestic use.
Key Questions and Answers
- What is the plan? The Mexican government intends to end Pemex’s financial dependence on public funds by 2027, aiming for financial and operational viability, debt reduction, and improved credit ratings.
- How will this be achieved? By creating a financial vehicle, reducing debt, and focusing on gas natural exploration and extraction.
- What is the significance of fracking? The government now supports fracking to access unconventional gas reserves, reducing dependence on imported gas for industrial and domestic use.
