Banobras head Jorge Mendoza speaks at event on Pemex

Banobras head Jorge Mendoza speaks at event on Pemex

Mexico has unveiled an ambitious business plan for Petroleos Mexicanos (Pemex) to achieve financial self-sufficiency by 2027, according to a recent announcement. The plan, presented by President Claudia Sheinbaum, aims to increase output, slash debt, and improve operational efficiency. The government will continue providing financial support to Pemex until it becomes operationally self-sufficient in two years [1].

The strategic plan includes boosting Pemex output by reactivating old wells, tapping key resources such as the offshore Zama and Trion deposits, and increasing refining efficiency. Additionally, the company plans to expand petrochemical production and stop producing fuel oil to focus more on higher-value fuels like gasoline [1].

Mexico will also create a 250 billion-peso ($13.3 billion) investment vehicle with support from local development and commercial banks. This initiative is aimed at further aiding Pemex's financial recovery [1].

The Mexican government expects Pemex's debt to shrink from over $100 billion to $88.8 billion by the end of this year and to $77.3 billion by 2030. The company will also build three natural gas pipelines to serve Southern Mexico, finish two key coker plants at refineries to improve efficiency, and develop lithium-extraction projects [1].

Fitch Ratings upgraded Pemex after it sold $12 billion in securities last month, helping the company meet its obligations. This sale was a positive signal for Pemex's ability to repay its debts, including $19 billion in bonds due next year, as well as more than $20 billion owed to suppliers and contractors [1].

Pemex recently reported its first profit in more than a year, driven by a stronger peso that reduced costs for the company. However, Pemex's crude oil output has slid to the lowest in at least 15 years, according to a report by the Mexican Institute for Competition [1].

Last year, Mexico passed a reform bill to strengthen its energy sector by reclassifying Pemex and state utility Comision Federal de Electricidad as state-owned enterprises, a designation which no longer requires the companies to turn a profit. The law also sought to increase private participation in the energy sector while guaranteeing state enterprises remain dominant [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-08-05/mexico-aims-for-pemex-financial-self-sufficiency-by-2027