& Tobago




Very usefull links



The Global Barrel

Tiempo Culural

Gustavo Coronel


Le Blog des
Energies Nouvelles

News Links




Dow Jones



Views and News






Pemex lowers oil output forecast after platform fire

Pemex continues to face output declines and reduced exports exacerbated by two offshore platform
accidents in as many months, with the August explosion knocking a quarter of its output offline.

- Ministry expects output of 1.826 million barrels a day in 2022
- Oil price seen at $55.10 a barrel, according to budget draft

By Amy Stillman / Bloomberg

Petroleumworld 09 09 2021

Mexico cut its forecast for oil production at Petroleos Mexicanos next year and reduced its tax burden after a string of accidents at offshore platforms signaled the highly indebted state company is struggling.

The country’s Finance Ministry lowered a preliminary estimate for crude output in 2022 to 1.826 million barrels a day, from a March 31 forecast of 1.867 million, according to a draft of next year’s budget proposal. It’s also reducing the profit-sharing duty that Pemex has to pay the government to 40% next year, from 54% in 2021.

Pemex, as the state oil giant is known, posted a production increase last year after including a light oil known as condensate in its overall crude tally, and measuring output at a warmer temperature than government regulators. But the company continues to face output declines and reduced exports of its flagship Maya heavy crude, a problem that has been exacerbated by two offshore platform accidents in as many months, with the August explosion knocking a quarter of its output offline.

Mexican President Andres Manuel Lopez Obrador has promised to return Pemex to its former glory by scaling back the energy reforms of his predecessor, and thereby limiting competition from private companies. The measures have failed to win over international ratings agencies such as Moody’s Investors Service and Fitch Ratings, which rate Pemex bonds as junk. The company has the highest debt of any major oil company.

On Monday, Lopez Obrador said that the government has begun a process of refinancing Pemex’s debt, after the nation received a transfer of about $12 billion from the International Monetary Fund. Some observers are skeptical about whether the financial aid will be enough to move the needle on Pemex’s debt and help it revive oil production.

In February, a presidential decree gave Pemex an additional 14% credit stimulus to apply to the taxes it pays on hydrocarbons, capped at 73.3 billion pesos.

The budget draft also increased the ministry’s estimate for average oil prices next year to $55.10 a barrel, from $53.10.

By Fabiola Zerpa from Bloomberg / 09 08 2021



Editor & Publisher:Elio Ohep /
Contact Email:

CopyRight © 1999-2021, Elio Ohep A. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2021, Petroleumworld   / Elio Ohep - All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.