The Mexican oil company projects an increase of 1,707 to 2,528 Mbd
Natural gas production will also benefit from the incorporation of new fields, reaching almost five billion cubic feet per day in 2024, Chinchilla Da Silva said.
The state-owned company Petróleos Mexicanos (Pemex) has set a performance goal for the next five years to increase its oil production by 32.5%. Of a million 707 thousand barrels per day that the company is producing on average in 2019, it estimates to rise to two million 528 thousand barrels per day in the year 2023, according to the estimates established in the Business Plan of Petróleos Mexicanos and its Subsidiary Productive Companies 2019- 2023 ( https://www.pemex.com/acerca/plan-de-negocios/Documents/pn_2019-2023_total.pdf )
To measure and monitor its projections, Pemex projected the indicators it aspires to achieve in the period under analysis. By 2020, the company expects to obtain a production of crude of one million 866 thousand barrels per day (Mbd), in 2021 it estimates to rise to 2,069 Mbd, in 2022 it would reach 2,321 Mbd, until finally climbing to 2,528 Mbd in the year 2023.
Achieving sustained growth in hydrocarbon production and consolidating the recovery of the industrial transformation value chain, with efficient and reliable production capacity, constitutes the strategy contained in the business plan of the most important company in Mexico, which It focuses on strengthening energy sovereignty.
Oil recovery
In 2018, the income generated by Pemex represented more than eight percentage points of Mexico's Gross Domestic Product (GDP). Revenue from the sale of gasoline and crude oil exports accounted for more than 60 percent. The remaining 40% is completed by the sale of diesel, natural gas, turbines and the export of petroleum and petrochemical products.
With respect to hydrocarbon production, Pemex occupies the tenth place in the world and ranks as one of the main producers of crude and liquid, surpassed by Saudi Aramco, National Iranian Oil Company, Iraq National Oil Company, Rosneft, China National Petroleum Company, Kuwait National Petroleum Compaly, Exxon Mobil, BP and Petrobras. As for the refining capacity, Pemex is ranked 16.
In the 2001-2018 period there was an accelerated fall in production, derived from the fall in investments, to the point that during that period Pemex began the development of an average of less than three fields per year, reaching the point that in the last three years no new development began.
In contrast, 20 new fields have been launched in 2019, that is, in a single year the equivalent of what was done during the last decade is being detonated. Additionally, the company is increasing the development activity in fields under exploration so that in 2019 it is estimated that more than 300 development wells will be drilled.
Natural gas production
On the other hand, the production of natural gas will also benefit from the incorporation of new fields, such as Ixachi and other non-associated gas fields that will allow, gradually, to recover the production levels of this energy until reaching almost five billion cubic feet per day in the year 2024.
Between 2012 and 2018, the natural gas market grew at a compound annual rate of 2.4%, which went from a demand covered by Pemex from 84.8% in 2012 to 50.1% in 2018, as a result of Increase in imports by third parties. Since the development of unconventional fields in the United States, the gas market has presented an unprecedented growth, presenting strong incentives in Mexico for the electricity sector and the industrial sector to migrate to the use of this fuel.
