CNH wants Pemex stakes on BMV

A minority stake in NOC Pemex should be floated on the Mexican Stock Exchange (BMV), the head of the country’s National Hydrocarbons Commission (CNH) said on Wednesday.

“Make a constitutional reform. Establish […] that Pemex will remain under state control and the majority of the shares will remain under state control,” CNH president commissioner Juan Carlos Zepeda told Reuters. “But allow Pemex to place shares in the market and raise capital.”

Zepeda insisted that this was the only way to “make Pemex successful,” as the NOC lacks capital to make the necessary investments to raise production and add to its reserves. The oil regulator added that Pemex currently has an annual capex of USD 6.8 billion, which should be tripled to meet its E&P objectives.

“Pemex has […] the best exploration areas, but Pemex needs to move faster,” Zepeda said. “Pemex needs to be able to invest more.”

If regulators move to place a share of the NOC’s stakes on the BMV, it will become one of only a handful of energy companies currently listed in Mexico.