Andrés Manuel López Obrador (AMLO) wants to reactivate Pemex’s operational and financial metrics quickly. He announced an increase in Pemex budget for next year and Octavio Pastrana, Independent Advisor to the NOC spoke about this decision and its benefits.
Pemex is facing a difficult operational and financial situation in all its business areas, but refining has been one of the most affected. The National Refinery System (SNR) is working at very low efficiency rates.
Carlos Treviño, CEO of Pemex, made an important announcement about the Ixachi onshore field located in the state of Veracruz. The firm increased the prospects for 3P reserves in this area, after its discovery in November 2017. The NOC expects this field to start producing soon.
Pemex published production figures for October, reporting a new decrease in this month. The firm had reported an increase in September, but the firm lost the ground gained this month, reaching historical low levels.
Pemex reported its trade balance for the third quarter of this year and its performance continues in the red. The company has poor operational metrics, forcing it to increase imports to supply local demand. However, the company has reduced its deficit in recent months.
The firm does not plan to renegotiate a 20-year contract to supply ethane to Pemex, but is open to discussing alternatives with the new government.