Pemex Shifts Strategy Under President Claudia Sheinbaum

Pemex plans to boost hydrocarbon reserves and explore deepwater opportunities under President Claudia Sheinbaum. The shift aims to reverse strategies from Lopez Obrador’s tenure, seeking innovative business models to attract investment. New partnerships with private firms could rejuvenate Mexico’s energy sector.

Mexican state oil giant, Pemex, is set to increase its hydrocarbon reserves and ensure their restitution under the leadership of newly elected President Claudia Sheinbaum. An internal document obtained by Reuters reveals plans to intensify deepwater exploration and develop innovative business models to attract investment.

During the administration of former President Andres Manuel Lopez Obrador, Pemex sidelined deepwater exploration in favor of quickly-delivering production projects, many of which are now experiencing early declines. Notably, Pemex did not immediately respond to requests for comment by Reuters.

The strategic shift aims to develop new business models conducive to external investment, marking a departure from Lopez Obrador's policy of avoiding private partnerships. This decision ended the bidding for contracts introduced during the energy reform, reflecting a broader effort to reclaim resource wealth from private and foreign stakeholders at Pemex's expense.

(With inputs from agencies.)