PEMEX makes significant progress in hydrocarbon operations

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PEMEX makes significant progress in hydrocarbon operations

04/01/2024 | 1

Under the current administration, liquid hydrocarbon production has increased from 1,701 Mbd in 2019 to 1,876 Tbd in 2023
Gasoline, diesel and jet fuel production totaled 655 Mbd by the end of 2023

Petróleos Mexicanos (PEMEX) CEO Octavio Romero Oropeza, speaking during Mexican president Andrés Manuel López Obrador's morning conference, presented the progress made in the hydrocarbon sector as part of the current administration's strategy to achieve energy self-sufficiency.

The PEMEX CEO showed the historical record of liquid hydrocarbon production, and pointed out that in 2019, 1,701 thousand barrels per day (Tbd) were produced, in contrast to the production at the close of 2023, which amounted to 1,876 Tbd, 30% of which came from new fields and the rest from mature fields.

As for crude oil processing, he stated that by the end of the last administration, production amounted to only 519 Tbd, compared to the 1,064 Tbd produced by the end of 2023, 794 Tbd of which were produced by the National Refining System (SNR) and 270 Tbd by the Deer Park Refinery. With the opening of the Olmeca refinery, production will increase further, and is expected to reach 1,798 Tbd in 2026.

Regarding the production of gasoline, diesel and jet fuel, he pointed out that at the close of 2018, production reached 300 Tbd. At year-end of 2023, production reached 655 Tbd, of which 232 Tbd were contributed by the Deer Park refinery. With the contribution of the SNR and the incorporation of the Olmeca refinery, the goal is to reach 1,396 Tbd by 2026.

The CEO also emphasized PEMEX's participation in the domestic liquefied petroleum gas (LP gas) market. He stated that 17 million homes currently use LP gas from PEMEX. With a 60.1% share of the domestic market (estimated at the end of 2023), PEMEX has managed to regain its leadership in sales.

Octavio Romero also remarked that significant progress has been made to achieve the target of energy self-sufficiency, with plans to reduce the national deficit to 62 Tbd by September 2024, a far cry from the 956 Tbd recorded in November 2018.

On the topic of job stability, he said that between 2019 and 2023, 24,372 workers have been given permanent employment status, and by 2024 we will reach 30,000. As instructed by the President of Mexico, seniority has been taken as the main criterion for the permanent onboarding.

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Mentions of Pemex may refer to Petróleos Mexicanos or any of its Subsidiary Productive Companies.