Pemex Presents 2025-2030 Strategic Plan

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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)-- Petroleos Mexicanos (Mexico City, Mexico), better known as Pemex, will focus on hydrocarbon production stability and enhancing its downstream infrastructure.

Pemex has set a production target of 1.8 million barrels per day (BBL/d) of oil between 2025 and 2030. The production goal will be achieved by drilling more than 2,000 new wells and conducting 1,300 major repairs on existing wells.

Most of the company's hydrocarbons will be generated from 12 strategic assets representing 61% of the production. Overall, the company expects to invest 1.6 trillion Mexican pesos (about US$79 billion) in the next six years and to receive 5 trillion Mexican pesos (about US$246 billion) from those investments.

For natural gas, the state company projects production of 5 billion cubic feet per day and is set to drill more than 1,000 wells and conduct 970 major repairs. Investments are foreseen at 238 billion Mexican pesos (about US$11 billion), with revenues from these developments at 1.9 trillion Mexican pesos (US$93 billion).

The company's four natural gas strategic projects for the next six years will be Ixachi, Burgos, Quesqui and Bakte.

Additionally, the Mexican company has the goal to expand its oil reserves by 2 billion barrels in the coming years by drilling 269 wells in the Integral Veracruz, Cuichapa, Comalcalco, Uchukil, Chalabil and Campeche Oriente projects. Overall, the company foresees investments of 220 billion Mexican pesos (US$10.8 billion).

Among the promises set by the new Pemex administration is to make gasoline prices stable throughout the next six years. According to the president of Pemex, gasoline prices will not surpass 24 Mexican pesos (US$1.80) per litre between 2025 and 2030.

On the downstream front, the company expects to invest 105 billion Mexican pesos (US$5 billion) in enhancements across the nation's six operational refineries.

The refurbishments were launched under the presidency of former President Andres Manuel Lopez Obrador. However, the administration of incumbent Claudia Sheinbaum expects that the work will be completed during her term, including the projects launched at the Tula and Salina Cruz refineries.

Pemex also expects to reach full processing capacity at the new Dos Bocas Olmeca refinery and the Deer Park refinery in the United States as part of the 2025-2030 plan.

Under the Sheinbaum administration, the government will continue to support Pemex. Last month, the president sent a bill to Congress granting Pemex fiscal benefits and dominance in the domestic market. However, private companies could work with Pemex to develop assets through joint ventures.

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