Pemex's New Leadership: A Struggle for Production Gains

Pemexs Exploration and Production Unit Faces Leadership Change: Amidst Declining Output and Challenging Production TargetsPemex, Mexicos state oil company, is reportedly planning to replace the head of its exploration and production unit, PEP, for the third time since President Claudia Sheinbaum took office. The expected successor is Octavio Barrera Torres, an electronics engineer, following Cid Munguías departure after a stint that saw no significant production gains. This leadership change comes as Pemex struggles with declining output and limited new discoveries, making President Sheinbaums pledge to maintain national oil output at 1.8 million barrels per day by 2030 increasingly challenging. Pemex remains heavily reliant on government support, with capital injections and tax relief totaling $21.1 billion between January and September, yet it still carries over $100 billion in financial debt.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.