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Mexico's Pemex signs first mixed contracts with private firms to boost oil output
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Mexico's Pemex signs first mixed contracts with private firms to boost oil output
Sep 2, 2025 9:31 AM

MEXICO CITY, Sept 2 (Reuters) - Mexican state oil

company Pemex signed its first mixed contracts with private

sector partners in a bid to reverse declining hydrocarbon

production, according to President Claudia Sheinbaum's

government report delivered to Congress.

The 11 deals, signed under a new contractual framework

stemming from the latest energy sector reform, mark the initial

phase of Pemex's plan to close 21 such agreements this year, the

president said in her first government report sent to Congress

on Monday.

The company expects the initiative to add up to 450,000

barrels per day (bpd) of crude oil production by 2033.

"Pemex is currently advancing in the process of formalizing

a second group of allocations under this same scheme, the

closing of which is expected before the end of the year," the

document shows.

Pemex, which has nearly $100 billion in financial debt and

owes an additional $22 billion to contractors and suppliers,

expects to raise about $8 billion through the first 11 contracts

with domestic and foreign partners, local media reported.

The deals are expected to add around 70,000 bpd of oil and

610 million cubic feet per day of natural gas.

A new 10-year strategic plan for Pemex was also presented

recently, aiming to make the company financially viable, boost

reserves, and raise domestic oil production to 1.8 million bpd,

up from 1.6 million bpd of crude oil and condensates.

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