Pemex is the company with the most infrastructure available in the country and the firm wants to leverage this situation, thanks to Energy Reform. The NOC announced a new auction to make part of its infrastructure available.
Pemex reported its preliminary production figures for April this year and the results are making it harder for the NOC to achieve its goals for this year. Production is still far from the 2,000mbd exit target.
Pemex reported its Reserves Replacement Ratio (RRR) for 2017 in a report sent to the U.S securities and Exchange Commission (SEC). The NOC reported a recovery in RRR compared to previous year, but it is still below the industry standard of aiming to replace 100% of annual production with new discoveries.
Pemex has significantly increased its dependence on imports of refined-products due to the operational and financial problems in its refineries. Pemex Board of Directors made a report on the effects of this situation.
Pemex is focusing on oil exploration and production to recover its finances. The NOC has requested several exploratory licenses from the National Hydrocarbons Commission (CNH). However, the company is not complying with the commitments made with Mexican authorities.
Pemex’s crisis has affected all its operation areas, but refining has been one of the most affected. The company has reported poor metrics in this area, but Pemex is optimistic about a possible recovery in the short term.