PEMEX started a transformational overhaul in 2017. Today, the NOC must follow clear mandates to improve its operational efficiencies, adjust its cost structure and business strategy to a low oil price scenario and focus on its strongest business divisions, such as E&P, refining, drilling and services and logistics. With the start of a new government, PEMEX will have to re-evaluate some of the mandates in its 2017-2021 business plan and align its structural changes with Mexico’s oil and gas reality. It is not a secret that PEMEX’s production has declined considerably over the last five years. To counter this, the NOC has to put in motion a series of financial and operational adjustments to sustain its current production of 1.8 million b/d and increase it to 2.5 million b/p in the coming years, as outlined by President-elect Andrés Manuel López Obrador (AMLO). Yet, even with a new government in place, PEMEX must focus its strengths not only on supplying Mexico’s oil and gas demand but on consolidating itself as a world-class oil and gas company.
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