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Government of Mexico gives 3 supports to Petróleos Mexicanos (Pemex)

The government of Mexico granted three grants to help the challenges faced by Petróleos Mexicanos (Pemex).

In general, the government has been implementing measures to address the financial and operational challenges that Pemex faces.

To do this, on February 19, 2021, the government reduced Pemex’s tax burden to provide additional resources of up to 73.3 billion pesos in 2021.

This tax incentive is part of the measures announced in December 2019 that adjusted the company’s tax regime to reduce its Right for Shared Profit by 11 percentage points, to 54% by 2021 in two incremental steps.

Then, on February 24, 2021, the Ministry of Finance and Public Credit (SHCP) granted a capital injection of 1.6 billion dollars to Pemex to cover debt repayments that expire in 2021.

The SHCP will provide an additional $ 3.4 billion throughout 2021 to cover this year’s amortizations.

Pemex

The government will finance this financial support with the resources available under the existing authorizations without incurring additional indebtedness.

The government also said it continues to evaluate additional measures to help Pemex reduce its overall debt and manage the maturity profile of its debt.

In the general economic policy criteria for 2022, the SHCP forecasts that the oil production platform will average 1,794 million barrels per day (mbd) during 2021.

This estimate considers a more persistent effect than anticipated from the spending adjustments made by oil companies in 2020 on production in the first months of this year.

For 2022, he added, a higher average platform of 1,867 mbd is estimated due to the increase in investment in exploration and extraction by Pemex, particularly in new developments in shallow waters and onshore areas, which will bring with it an increase in the number of barrels. produced; This will be complemented by the progress of private companies in their Development Plans for Extraction.

 

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