State-owned Petróleos Mexicanos, or Pemex, is on track to boost its production of crude oil, condensates and natural gas by about 6% each in 2023 over last year. To do so, the company will need to maintain the production momentum its shown in the first five months of the year.
Pemex’s monthly oil and condensate production reached 1.88 MMbbl/d in May 2023, flat with April 2023 but up 7.4% compared to the same month a year ago, according to the company’s most recent production report on its website.
Between January-May of 2023, Pemex’ oil production averaged 1.86 MMbbl/d. That compares to 1.76 MMbbl/d in 2022.
If Pemex maintains its current production levels for the remaining seven months of the year, production could rise 5.7% in 2023 compared to the prior year. Regardless of the percentage increase, Pemex’s oil production is on track to grow for its fourth consecutive year, according to data extrapolated by Hart Energy. Oil production is on track to grow almost 10.7% since 2019.
Pemex exports the bulk of its oil to the Americas and Europe. Its primary oil export products are Istmo, Maya and Olmeca. The company also exports refined products such as fuel and gasoline.
Gas production growing, but imports still needed
The Mexico City-based company remains a net importer of gas, primarily piped gas from the U.S., since its gas production is insufficient to cover all of Mexico’s gas demand.
Pemex’s monthly gas production reached 4.96 Bcf/d in May 2023, down 1.3% compared to April 2023 but up 7.1% compared to the same month a year ago, according to the company’s production report.
Between January-May of 2023, Pemex’ gas production averaged 4.95 Bcf/d, compared to 4.69 Bcf/d in 2022.
As is the case on the oil side, if Pemex can maintain its current gas production levels for the rest of the year, it could grow production by about 5.5% in 2023. However, gas production is on track to grow just 2.8% since 2019.
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