Mexico’s Pemex gets green light to partner with private players

MEXICO CITY, January 31, 2025 – Mexican President Claudia Sheinbaum has put forward a reform package permitting NOC Pemex to partner with private operators, international media reported on Thursday.

President Sheinbaum has pledged to continue the policies of former President Andrés Manuel López Obrador, who sought to strengthen the NOC.

In October, the government passed a constitutional amendment creating a new fiscal regime for Pemex, aiming to tackle its USD 100 billion in debt.

Now a new reform package – unveiled this week by Minister of Energy Luz Elena Gonzalez – seeks to further bolster Pemex by allowing it to partner with private players in the development of oil and gas assets, with the intention of “complementing” the company’s capabilities and financing.

As part of strengthening Pemex, President Sheinbaum’s policy stance supports increasing operational efficiency, reducing costs and eliminating and merging 40 of the NOC’s subsidiaries to create a more robust, integrated company.

Looking beyond Pemex, the administration also wants to shore up state electricity player CFE; develop the petrochemicals and fertilisers sector; boost the country’s energy transmission and distribution capacity; and promote the energy transition through PV, wind, hydraulic, geothermal and green hydrogen plants.

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