• LOW POINT: Mexico’s state-owned oil giant Pemex hit its lowest crude output level in 15 years in 2019 – averaging 1.67 million barrels a day (bd)- despite President Andrés Manuel López Obrador’ major efforts to help the company.
• HOPES: According to new data from Mexico’s National Hydrocarbons Commission (CNH), Pemex oil production slightly grew at the end of 2019 -at an average of 1.71 million barrels a day in December- despite major aid in the form of 10 billion (USD) from the government.
• PLAN: “Our plan is to support Pemex during the first 3 years of my government with budget resources and tax cuts so that…in the last 3 years of my government, with the revenues obtained, Pemex will contribute to the development of Mexico”, said López Obrador back in July.
• FIELDS: Early in the López Obrador administration, Pemex announced they would run accelerated development in 20 priority fields (16 shallow waters and 4 in-land). However, the CNH informed in November that only 4 out of the 20 priority fields reported some kind of production activity.
