Pemex bailout boosts Mexico's offshore drilling activity

The number of offshore oil rigs in Mexican waters rose 40% in June 2026, as state-owned oil company Pemex increased its spending on exploration and production following last year's government bailout.

According to the Baker Hughes worldwide rig count published on Thursday, 14 rigs were operating offshore Mexico in June. That was the highest level since the 16 rigs reported in December 2024 and up from 10 rigs in June 2025.

In 2025, at the height of Pemex's financial crisis, the company slashed its exploration and production spending by 42%.

Pemex said in June that it plans to invest about 102 billion pesos (US$5.8bn) in exploration and production in 2026, up from about 93 billion pesos (US$5.3bn) in 2025.

Rescue

Pemex's 2026 capex plan includes 20.5 billion pesos (US$1.2bn) from a fund established by Mexico's development bank Banobras in 2025 as part of President Claudia Sheinbaum's bailout of the company. The fund was set up to finance part of Pemex's capital expenditure and pay the company's suppliers.

Sheinbaum's rescue package has helped reduce Pemex's financial debt to US$79bn, down from a peak of US$113bn in 2020.

The gradual revival of investment in Mexico's offshore sector has triggered renewed interest from international rig operators.

In March, Borr Drilling agreed to acquire Fontis' jack-up business in Mexico in a US$400mn transaction. The acquisition includes five jack-up rigs. Borr said that since the Pemex bailout it has received regular payments for its drilling activities in Mexico.

(The original version of this content was written in English)