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Released March 20, 2023 | SUGAR LAND
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Researched by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Petroleos Mexicanos (Pemex) (Mexico City, Mexico) is expected to produce about 2 million barrels per day (BBL/d) of liquid hydrocarbons by the end of this year, up from the 1.915 million BBL/d registered in March, according to a presentation from Pemex Director Octavio Romero Oropeza.
Meanwhile, natural gas production is projected to grow to 4.811 billion cubic feet per day by 2024, a 14% increase from the 4.224 billion cubic feet per day produced in March, according to Oropeza, who last week detailed Pemex's goals for the next two years and gave a balance of its performance.
But Pemex has set similar goals in the past, only to come up short.
When Andres Manuel Lopez Obrador was elected president of Mexico in 2018, he put the revival of Pemex high on his agenda. Since then, Lopez Obrador has supported Pemex steadfastly, though the company has failed to reach his expectations.
In 2018, Lopez Obrador and Oropeza said Pemex would reach 2.4 million BBL/d of oil production by 2024, a goal unlikely to be met over the coming year.
Nonetheless, Pemex has been able to offset some of its production losses caused by the natural decline of mature oil fields by bringing online several new fields and increasing condensate production. The biggest oil-producing fields in Mexico, Cantarell and Ku-Maloop-Zaap, have seen their outputs decline.
Since coming to power, Lopez Obrador has reduced fuel imports through higher downstream production and runs, in an effort to boost Mexico's energy self-sufficiency. According to Oropeza, Pemex has been processing some 921,000 BBL/d of crude through Mexico's refineries in March, compared with only 519,000 BBL/d in 2018. Additionally, the company has a throughput of 258,000 BBL/d in its new Deer Park Refinery on the Houston Ship Channel in Texas. Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Project Database can learn more from a detailed plant profile of the Deer Park Refinery.
Despite the boost in refinery runs throughout 2022, Pemex utilized less than 50% of its domestic refining capacity.
But Pemex expects to increase crude processing later this year with its new Dos Bocas Refinery, bringing an extra 340,000 BBL/d of capacity to the company's national refining network. Subscribers can learn more from a detailed plant profile.
Distillates production, however, has been averaging 491,000 BBL/d across Mexico's six refineries this month, compared with 300,000 BBL/d in 2018, according to Oropeza. Moreover, another 229,000 BBL/d of distillates are being produced at the Deer Park Refinery.
Still, Oropeza expects to reach fuel self-sufficiency, based on Lopez Obrador's goal, in 2024 by reducing fuel imports to only 34,000 BBL/d. According to a statement published by Pemex, Mexico had a fuel deficit of 901,000 BBL/d in 2018, which was satisfied by importing distillates.
Based on the energy ministry's data, Mexico imported 985,000 BBL/d of distillates in 2018, which dropped to between 550,000 and 600,000 BBL/d in 2020 and 2021 due to the pandemic. But Mexico imported 739,000 BBL/d of fuels in 2022 and 642,000 BBL/d in January, the latest available data.
Despite these improvements, Mexico still has a long way to go if it wants to be self-sufficient. Although the new Dos Bocas Refinery should help increase fuel production, it remains to be seen if Mexican domestic distillate production will be enough.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Meanwhile, natural gas production is projected to grow to 4.811 billion cubic feet per day by 2024, a 14% increase from the 4.224 billion cubic feet per day produced in March, according to Oropeza, who last week detailed Pemex's goals for the next two years and gave a balance of its performance.
But Pemex has set similar goals in the past, only to come up short.
When Andres Manuel Lopez Obrador was elected president of Mexico in 2018, he put the revival of Pemex high on his agenda. Since then, Lopez Obrador has supported Pemex steadfastly, though the company has failed to reach his expectations.
In 2018, Lopez Obrador and Oropeza said Pemex would reach 2.4 million BBL/d of oil production by 2024, a goal unlikely to be met over the coming year.
Nonetheless, Pemex has been able to offset some of its production losses caused by the natural decline of mature oil fields by bringing online several new fields and increasing condensate production. The biggest oil-producing fields in Mexico, Cantarell and Ku-Maloop-Zaap, have seen their outputs decline.
Since coming to power, Lopez Obrador has reduced fuel imports through higher downstream production and runs, in an effort to boost Mexico's energy self-sufficiency. According to Oropeza, Pemex has been processing some 921,000 BBL/d of crude through Mexico's refineries in March, compared with only 519,000 BBL/d in 2018. Additionally, the company has a throughput of 258,000 BBL/d in its new Deer Park Refinery on the Houston Ship Channel in Texas. Subscribers to Industrial Info's Global Market Intelligence (GMI) Petroleum Refining Project Database can learn more from a detailed plant profile of the Deer Park Refinery.
Despite the boost in refinery runs throughout 2022, Pemex utilized less than 50% of its domestic refining capacity.
But Pemex expects to increase crude processing later this year with its new Dos Bocas Refinery, bringing an extra 340,000 BBL/d of capacity to the company's national refining network. Subscribers can learn more from a detailed plant profile.
Distillates production, however, has been averaging 491,000 BBL/d across Mexico's six refineries this month, compared with 300,000 BBL/d in 2018, according to Oropeza. Moreover, another 229,000 BBL/d of distillates are being produced at the Deer Park Refinery.
Still, Oropeza expects to reach fuel self-sufficiency, based on Lopez Obrador's goal, in 2024 by reducing fuel imports to only 34,000 BBL/d. According to a statement published by Pemex, Mexico had a fuel deficit of 901,000 BBL/d in 2018, which was satisfied by importing distillates.
Based on the energy ministry's data, Mexico imported 985,000 BBL/d of distillates in 2018, which dropped to between 550,000 and 600,000 BBL/d in 2020 and 2021 due to the pandemic. But Mexico imported 739,000 BBL/d of fuels in 2022 and 642,000 BBL/d in January, the latest available data.
Despite these improvements, Mexico still has a long way to go if it wants to be self-sufficient. Although the new Dos Bocas Refinery should help increase fuel production, it remains to be seen if Mexican domestic distillate production will be enough.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
