The Tupilco 3017 well in Comalcalco, Tabasco. (Source: Pemex)
State-owned Petróleos Mexicanos, or Pemex, is on track to boost its production of crude oil, condensates and natural gas by about 6% each in 2023 over last year. To do so, the company will need to maintain the production momentum its shown in the first five months of the year.
Pemex’s monthly oil and condensate production reached 1.88 MMbbl/d in May 2023, flat with April 2023 but up 7.4% compared to the same month a year ago, according to the company’s most recent production report on its website.
Between January-May of 2023, Pemex’ oil production averaged 1.86 MMbbl/d. That compares to 1.76 MMbbl/d in 2022.
If Pemex maintains its current production levels for the remaining seven months of the year, production could rise 5.7% in 2023 compared to the prior year. Regardless of the percentage increase, Pemex’s oil production is on track to grow for its fourth consecutive year, according to data extrapolated by Hart Energy. Oil production is on track to grow almost 10.7% since 2019.
RELATED
Pemex Eyes Production from Macuil #201 Exploration Well
Pemex exports the bulk of its oil to the Americas and Europe. Its primary oil export products are Istmo, Maya and Olmeca. The company also exports refined products such as fuel and gasoline.
Gas production growing, but imports still needed
The Mexico City-based company remains a net importer of gas, primarily piped gas from the U.S., since its gas production is insufficient to cover all of Mexico’s gas demand.
RELATED
Permian Producers Fancy Larger Piped-gas Exports to Mexico
Pemex’s monthly gas production reached 4.96 Bcf/d in May 2023, down 1.3% compared to April 2023 but up 7.1% compared to the same month a year ago, according to the company’s production report.
Between January-May of 2023, Pemex’ gas production averaged 4.95 Bcf/d, compared to 4.69 Bcf/d in 2022.
As is the case on the oil side, if Pemex can maintain its current gas production levels for the rest of the year, it could grow production by about 5.5% in 2023. However, gas production is on track to grow just 2.8% since 2019.
Recommended Reading
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
The Private Equity Puzzle: Rebuilding Portfolios After M&A Craze
2025-01-28 - In the Haynesville, Delaware and Utica, Post Oak Energy Capital is supporting companies determined to make a profitable footprint.
Artificial Lift Firm Flowco Seeks ~$2B Valuation with IPO
2025-01-07 - U.S. artificial lift services provider Flowco Holdings is planning an IPO that could value the company at about $2 billion, according to regulatory filings.
Murphy Shares Drop on 4Q Miss, but ’25 Plans Show Promise
2025-02-02 - Murphy Oil’s fourth-quarter 2024 output missed analysts’ expectations, but analysts see upside with a robust Eagle Ford Shale drilling program and the international E&P’s discovery offshore Vietnam.
Oil, Gas and M&A: Banks ‘Hungry’ to Put Capital to Work
2025-01-29 - U.S. energy bankers see capital, generalist investors and even an appetite for IPOs returning to the upstream space.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.