Pemex decreases 39% its oil production in 10 years, to 1.485 million barrels per day on average in 2024.

In general, the Mexican company’s oil production has maintained a downward trend over the last decade.

Pemex plans to reopen closed wells to boost oil production.

Oil production in 10 years

In 2024, the National Hydrocarbons Commission (CNH) received 135 Notices of development wells (79 land wells and 56 offshore wells) submitted by five Operators. Pemex Exploración y Producción submitted 125 of these Notices and other Operators submitted the remaining 10.

At the same time, the CNH received 158 Well Completion Reports (95 for land wells and 63 for offshore wells) submitted by six Operators. Pemex Exploración y Producción submitted 145 of these reports and other Operators submitted the remaining 13. 

Below is the trend of Pemex’s crude oil production on average, in thousands of barrels per day:

• 2014: 2,429.
• 2015: 2,267.
• 2016: 2,154.
• 2017: 1,948.
• 2018: 1,813.
• 2019: 1,678.
• 2020: 1,660.
• 2021: 1,687.
• 2022: 1,686.
• 2023: 1,588.
• 2024: 1,485.

At the beginning of 2025, Pemex’s production goals include producing crude oil at a level of approximately 1,577.8 barrels per day and maintaining natural gas production above 4,413.8 million cubic feet per day. 

Among other strategies, its objective is to achieve these production goals through:

• Exploration and development activities.
• Increasing inventory reserves through new discoveries and reclassifications. 
• Manage the decline in field production by focusing its exploration and production activities in areas where Pemex has greater experience and higher historical success rates, such as secondary and tertiary recovery systems. 

In addition, Pemex intends to reallocate resources from deepwater projects, which tend to be expensive and long-term activities, to shallow water and onshore projects, which have the potential for short-term results. 

Budget for 2025

In 2025, Pemex plans to incorporate five new developments. One will be located in a shallow water offshore field. The other four will be in onshore fields.

In addition, it will continue to advance 18 fields started in 2019. In total, it will operate 23 developments: 11 in shallow water and 12 onshore.

According to company estimates, 17 of these fields will produce 161,000 barrels of crude oil per day. They will also generate 1,099 million cubic feet per day of natural gas by December 2025.

On the other hand, the modified budget for that year amounts to 464.3 billion pesos. This figure includes operating expenses.

The calculation is based on an average export price of 57.80 dollars per barrel. In addition, the financial plan seeks to stabilize hydrocarbon production. At the same time, it aims to increase it by the end of the year and sustain this growth in the medium and long term.