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Mexico Unveils Strategic Plan for Pemex to Achieve Self-Sufficiency
August 6, 2025
The Mexican government unveiled the awaited strategic plan to help Pemex, which includes achieving financial self-sufficiency by 2027. This includes increasing oil output and reducing the company’s ~$100bn debt by approximately $13bn by the end of this year. To achieve this, Mexico will:
- continue to provide financial support for Pemex until at least 2027
- create a MXN 250bn ($13.3bn) investment fund for Pemex with the help of development and commercial banks
Their strategy will also address long-standing issues including billions owed to contractors and suppliers, they said. Pemex will work on:
- improving production by reactivating old wells and developing new resources like the offshore Zama and Trion deposits
- improving refining efficiency, increasing petrochemical production, and reducing fuel oil output in favor of higher-value fuels like gasoline
- continuing discussions with private partners for 21 new ventures, including natural gas production projects to increase production by 450,000 bpd
- building three natural gas pipelines to meet Southern Mexico’s demands, finishing two key coker plants at refineries to improve efficiency, and developing lithium-extraction projects
The Mexican Finance Minister expects Pemex’s debt to fall to $88.8bn by end-2025 and to $77.3bn by 2030. The state-owned company has a large amount of debt payments as seen in the chart above.
Pemex’s dollar bonds were trading slightly weaker across the curve, by ~0.5 points. Its 10% 2033s are currently at 111.5, yielding 7.9%.
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