Mexican oil company Pemex announces millionaire investments while honoring its debts

The state Petróleos Mexicanos (Pemex) He announced on Wednesday millionaire investments in the next five years to increase its production of crude oil, gas and fuels, as well as reactivating that of petrochemicals and fertilizers, while working to relieve its heavy debts.

The plan, which in its various items adds about 2.24 billion pesos (US $ 109,393 million), has the support of the Ministry of Finance, which will allow you to invest while honoring its obligations, explained the president of Mexico, Claudia Sheinbaum .

“Hacienda opened a special financial scheme to pay suppliers and Pemex (…) This year starts fresh to be able to dedicate its entire budget of expenditures to investment”Said the leftist president during her usual morning conference.

Pemex, whose financial debt reached US $ 136,600 million in 2020, must currently US $ 97,000 million, in addition to the debts it maintains with suppliers, which are around US $ 20,000 million.

The company plans to invest 1.6 billion pesos (about 78,000 million) to fulfill its oil production goal, mainly focused on the manufacture of fuels to supply the local market.

“We will be producing no more than 1.8 million barrels per day of liquid hydrocarbons throughout the sexennium”Said Víctor Rodríguez, the general director of Pemex, during the conference.

The production roof is part of the government’s strategy to prioritize the attention of the local market, reducing crude oil exports as well as the environmental impact of this industry.

Pemex closed 2024 with an average production of 1.74 million barrels per day, according to signature data.

The announced investment amount will be allocated to 12 strategic projects that will contribute 61% of the company’s production, and also includes the drilling of 2,036 wells and 1,300 repairs, from here to 2030, the executive said.

Pemex, the country’s largest public company, seeks to reverse a prolonged decline of its crude oil production, which in 2004 reached a peak of 3.4 million barrels per day.

“Self -sufficiency”

Rodríguez also announced the investment of 157,000 million pesos (US $ 7,657 million) in the national refinery system.

This plan includes rehabilitating old plants and carrying “at its maximum capacity”The refineries of Dos Bocas, built during the government of former president Andrés Manuel López Obrador (2018-2024), and Deer Park, bought from the British Shell during that same administration.

“The objective, which we have always raised, has been self -sufficiency in gasoline and diesel”Said Rodríguez.

The Executive also announced the investment of 238,000 million pesos (US $ 11,607 million) to increase natural gas production to 5,000 million cubic feet daily.

Likewise, it will allocate another 220,000 million (US $ 10,730 million) to exploration work to ensure at least ten years of crude oil supply and incorporate 2,000 million barrels into its reserves.

Another 28,000 million pesos (US $ 1,366 million) will be used to increase fertilizers and in the reactivation of Pemex’s petrochemical complexes, which produce derivatives of ethane, urea, among other products.