Mexico’s incoming gov’t eyes private partners for Pemex: report

MEXICO CITY, August 9, 2024 – The incoming government of Mexico plans to push NOC Pemex to engage with private oil and gas companies as equity partners, Reuters reported on Thursday.

Citing for sources close to the matter, the report termed the move a “bid to boost reserves amid towering debt.”

The model would be similar to that of Mexico’s “energy reform” – a programme that began in 2013 under which Pemex was allowed to partner with approved energy players on E&P activities via farming out stakes in its projects.

Outgoing President Andres Manuel Lopez Obrador, in office since 2018, ended the energy reform initiative, downgrading the place of private players in Mexico’s hydrocarbons sector.

In June, climate scientist Claudia Sheinbaum won the country’s presidential elections.

Apart from the reported move to resume private partnerships for Pemex, Sheinbaum is also noted for her plans to accelerate investment in renewable energy, departing from Lopez Obrador’s focus on strengthening Pemex.

President-elect Sheinbaum will take office October 1.

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