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Pemex's oil production dipped in 2019 (Mexico)

Pemex, Mexico’s national hydrocarbon company, has produced 1.68 mb/d in 2019, representing a 7% drop compared to 2018, and a fall of 50% in comparison with 2014 when the company produced 3.4 mb/d. Pemex refined 592,000 bbl/d of crude oil in 2019, against 612,000 bbl/d in 2018. Crude oil exports dropped by 80,000 bbl/d and average price of crude oil exports fell by 9%. Consequently, Pemex’s revenue declined by 16% in 2019 to USD74.5bn and losses reached US$18.4bn, a 92% increase compared to 2018. Its total debt stood at US$105.2bn (-0.6%).

In January 2020, Mexico decided not to relaunch upstream oil and gas auctions in 2020, considering that the three previous auction rounds had failed to attract investment and to raise production; only 29 of the 111 contracts awarded would be producing. Instead, it will present a plan on the participation of private companies in the national energy sector and will launch a series of energy projects using public and private investment in February 2020. The government bets on national oil and gas company Pemex to reverse years of decline in crude oil production.