Pemex will reduce the activity of its exploration and production arm in the last quarter of the year to seek savings of 26.8 billion pesos, according to an internal document seen by Reuters.
The deferral of spending at Pemex Exploration and Production, known as PEP, seeks to “optimize resources” towards the end of the year, and will cause the postponement of various types of work and the postponement of the acquisition of seismic until 2025, according to the official letter. signed by the director of the unit, Néstor Martínez.
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Pemex did not immediately respond to a Reuters request for comment on the causes of the spending cut and the impact it will have on crude production.
Claudia Sheinbaum’s government seeks to maintain an average crude oil production of 1.8 million barrels per day during its administration.
Pemex, one of the most indebted oil companies in the world, produces on average 1.5 million bpd of crude oil without accounting for condensates, but if they are taken into account it rises to 1.8 million bpd.
The document, dated October 11, also indicates that priority will be given to work on wells based on their “generation of value” and the rescheduling of activities related to plugging them.
Pemex, one of the largest companies in Mexico measured by assets, has a financial debt of almost $100 billion and around $20 billion to suppliers, despite heavy payments made throughout the year.
With information from Reuters
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