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Government capitalizes Pemex with 45.4 billion pesos for debt repayments

During the first half of 2022, the Mexican government capitalized Pemex with 45.4 billion pesos for the payment of debt amortizations and an investment budget of 429.6 billion pesos.

Of the latter amount, 364,000 million pesos correspond to oil and gas exploration and production, and 57,420 million pesos to industrial transformation of refined products and petrochemicals.

In 2022, Pemex allocated 3.83 billion pesos in productive investment for the drilling of 309 wells in accordance with the National Hydrocarbon Production Plan.

Field development activities include 21 fields discovered in previous years; 15 of them are located in shallow waters and six in land areas, of which, as of June 2022, there is an average production of 300,830 barrels per day of liquids and 1,134.4 million cubic feet per day of natural gas, with an investment of 4.8 billion pesos.

During the period from September 1, 2021 to June 30, 2022, the Mexican Export Blend (MME) recorded an increase of 62.4% in its trading price, mainly as a result of the increase in international demand for crude oil derived from the RussiaUkraine conflict.

Pemex

The current administration’s energy policy is based on the rescue of the energy sector as a lever for national development, through the strengthening of its State Productive Companies: Pemex and the Federal Electricity Commission (CFE).

The federal government also states that its policy includes interacting with the private sector to achieve access to basic supplies of fuels and electricity at low cost for the entire population and to promote the transition to the production and generation of clean energies that contribute to combating climate change.

From September 2021 to June 2022, Pemex continued with the development of exploratory activities and focused on onshore and shallow water areas in the Southeast Basins.

There, 15 exploratory wells were completed and proved to be productive, and four wells are in operation with evidence that allows estimating a preliminary 3P reserve of 425 million barrels of crude oil equivalent and a discovered resource of 197 million barrels of crude oil equivalent.

 

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