Pemex’s oil production had a year-on-year increase of 5.1% in 2023, to 1,854,800 barrels on average per day in 2023.
This increase resulted mainly from the development of the Maloob, Balam, Esah, Itta, Pokche, Teca, Tlalkivak, Tekel, Ayatsil offshore fields and the Quesqui, Tupilco Profundo, Cibix, Racemosa and Ixachi onshore projects.
Pemex ranked as the eleventh largest crude oil producer in the world in 2021 and is one of the few major oil producers experiencing significant domestic demand for its refined products.
Also helping to increase production were repairs, upgrades and diversification of artificial systems in other Pemex onshore fields.
At Pemex, the exploration and production segment operates through the state-owned productive subsidiary Pemex Exploración y Producción and explores for and produces crude oil and natural gas, primarily in the northeast and southeast regions of Mexico and offshore in the Gulf of Mexico.
In nominal peso terms, the company’s capital expenditures in exploration and production activities increased 2.5% in 2023.
As a result of these investments, its total hydrocarbon production reached a level of approximately 968.5 million barrels of oil equivalent in 2023.
Pemex is a state-owned oil and gas company overseen by the CRE, the Mexican state agency that regulates the energy industry.
Oil production
In 2023, Pemex invested in 12 new developments, six of them in shallow water offshore fields and six in onshore fields.
The company reported that it will continue with the development of the other 37 of the 39 fields it has been developing during 2021, 2022 and 2023, as Jaatsul and Hok are no longer included in its development plan.
In 2023, Pemex incorporated the Actul, Atoyatl, Chucox, Cibix-401Exp, Platao, Pokche NE, Tentok, Tlakati, Valeriana, Xanab SE, Xinich and Zama fields to its development plan, bringing its total investment in new developments to 37 fields, 26 in shallow water and 11 in onshore fields.
As of December 31, 2023, the company had started production in 33 of these 37 fields.
These 33 fields had an average production of 561,000 barrels per day of crude oil and 1,519 million cubic feet per day of natural gas in 2023.
