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Mexico hydrocarbons watch: October output, exploratory plans, Pemex ESG

Bnamericas Published: Tuesday, November 29, 2022

Mexico's hydrocarbons regulator CNH said national oil output was flat month-on-month in October at 1.62Mb/d (million barrels per day).

Condensate output rose by 6% to 233,000b/d, while natural gas output fell by 3% to 4.04Bf3/d (billion cubic feet).

Private oil output also remained flat at 105,000b/d, with state-owned oil and gas giant Pemex producing 1.52Mb/d. Oil output is still dominated by fields Maloob and Zaap, discovered in the late 1970s, while gas output is led by two of Pemex's new fields, Quesqui and Ixachi.

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Pemex exploration and production subsidiary PEP is set to invest between US$8.9mn and US$69.4mn to explore the AE-0179-Maguey concession in Hidalgo state, according to the latest CNH session.

According to the commission, Pemex plans to spud up to four wells at the site and conduct a series of exploratory studies.

Pantera Exploración y Producción also asked CNH to update its A7.BG/2017 area in the state of Tamaulipas.

The company said it would invest between US$16.4mn and US$58.6mn to spud up to five wells in the area and assess its production potential.

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Pemex is increasing its emissions reduction commitments amid a government push to increase climate action at the COP27 summit in Egypt.

In a presentation given to investors on November 18 and published this week, the national oil firm states it has increased its emission reduction goals to 52% for crude, 38% for refining and 31% for natural gas by 2025.

Overall, carbon emissions for the Mexican oil and gas sector are expected to drop by 14% by 2030, to which Pemex expects to contribute by reducing the fuel consumption of its operations, reducing gas flaring, maintaining its infrastructure, controlling methane output and establishing a process to better monitor its targets.

Pemex has been seen as vulnerable to environmental, social and governance (ESG) risk, which could hurt its access to credit as standards rise, according to some experts.

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