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Released August 11, 2025 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--State-owned Petróleos Mexicanos' (Pemex) (Mexico City, Mexico) latest 10-year strategic plan foresees Mexican oil output of 1.8 million barrels per day (BBL/d), and refining rates of 1.6 million BBL/d, while Pemex seeks to reduce debt.
The plan contemplates a Mexican oil output of 1.8 million BBL/d, in line with the government's objectives. However, Pemex's production is expected to drop from 1.543 million BBL/d in 2026 to 1.132 million BBL/d by 2035.
On par with that, the company expects growing production from Pemex's joint ventures (JVs), a plan pushed forward by President Claudia Sheinbaum's administration. This new strategy would allow the company to produce 108,000 BBL/d next year and 382,000 BBL/d by 2035 through JVs, helping it offset the drops in its personal production.
In 2033, Pemex's JVs production share would reach a peak of 450,000 BBL/d and its personal production would drop to a floor of 1.02 million BBL/d, based on the companies' estimates.
For this, the company has identified 21 projects categorized for joint venture developments. This strategy seeks to leverage funds from the private sector to develop local production.
The company aims to maintain those volume levels with the development of new assets as some of its oil fields continue to mature. The Trion and Zama fields, both being developed in JVs, are expected to represent the largest production from new oil fields starting in 2028.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can read more information on the Trion and Zama projects.
At the same time, the company plans to increase hydrocarbons recovery rates from maturing assets, focusing on the following fields: Maloob, Ayatsil, Zaap, Balam, Xanab, Yaxché, Bakte, Cheek, Mulach, Quesqui, Tupilco Profundo, and Ixachi.
On the downstream front, the company expects to stabilize crude refining at the 1.6 million BBL/d mark starting in 2027 across its eight refineries, including Deer Park. Subscribers to the GMI Refining Plant Database can click here for a profile on the Deer Park Refinery, located in the U.S.
The new 340,000-BBL/d Dos Bocas Olmeca Refinery is expected to operate at 150,000 BBL/d this year, 240,000 BBL/d in 2026, and maintain a stable refining rate of 320,000 BBL/d from 2028 onward, according to Pemex's report. However, the refinery has been facing operational issues since the start of its operations. Subscribers can click here for a profile on the refinery.
The company also projects a reduction in fuel oil production in the next few years and a 43% increase in gasoline and 68% in diesel.
As of June, Pemex's debt reached US$98.7 billion, and it has scheduled payments of US$23.8 billion for this year and next. The government will provide support to help meet these financial obligations, as stated by government officials. However, starting in 2027, Pemex will be able to manage its debt payments independently.
The government recently announced US$12 billion in offerings for Pemex debt relief as well as a 250 billion Mexican peso (US$13 billion) investment plan to help to boost production.
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).
The plan contemplates a Mexican oil output of 1.8 million BBL/d, in line with the government's objectives. However, Pemex's production is expected to drop from 1.543 million BBL/d in 2026 to 1.132 million BBL/d by 2035.
On par with that, the company expects growing production from Pemex's joint ventures (JVs), a plan pushed forward by President Claudia Sheinbaum's administration. This new strategy would allow the company to produce 108,000 BBL/d next year and 382,000 BBL/d by 2035 through JVs, helping it offset the drops in its personal production.
In 2033, Pemex's JVs production share would reach a peak of 450,000 BBL/d and its personal production would drop to a floor of 1.02 million BBL/d, based on the companies' estimates.
For this, the company has identified 21 projects categorized for joint venture developments. This strategy seeks to leverage funds from the private sector to develop local production.
The company aims to maintain those volume levels with the development of new assets as some of its oil fields continue to mature. The Trion and Zama fields, both being developed in JVs, are expected to represent the largest production from new oil fields starting in 2028.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can read more information on the Trion and Zama projects.
At the same time, the company plans to increase hydrocarbons recovery rates from maturing assets, focusing on the following fields: Maloob, Ayatsil, Zaap, Balam, Xanab, Yaxché, Bakte, Cheek, Mulach, Quesqui, Tupilco Profundo, and Ixachi.
On the downstream front, the company expects to stabilize crude refining at the 1.6 million BBL/d mark starting in 2027 across its eight refineries, including Deer Park. Subscribers to the GMI Refining Plant Database can click here for a profile on the Deer Park Refinery, located in the U.S.
The new 340,000-BBL/d Dos Bocas Olmeca Refinery is expected to operate at 150,000 BBL/d this year, 240,000 BBL/d in 2026, and maintain a stable refining rate of 320,000 BBL/d from 2028 onward, according to Pemex's report. However, the refinery has been facing operational issues since the start of its operations. Subscribers can click here for a profile on the refinery.
The company also projects a reduction in fuel oil production in the next few years and a 43% increase in gasoline and 68% in diesel.
As of June, Pemex's debt reached US$98.7 billion, and it has scheduled payments of US$23.8 billion for this year and next. The government will provide support to help meet these financial obligations, as stated by government officials. However, starting in 2027, Pemex will be able to manage its debt payments independently.
The government recently announced US$12 billion in offerings for Pemex debt relief as well as a 250 billion Mexican peso (US$13 billion) investment plan to help to boost production.
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).
