Pemex Sees Surge in Revenues from Crude Exports
01.31.2022 - NEWS

January 31, 2022 [bnamericas] – Mexican national oil giant Pemex has seen its revenues from crude sale exports improve significant, thanks to rising international prices.

 

Even though the company, which has plans to stop exporting crude oil altogether before mid-decade by dramatically improving its national refining capacity, exported 9.1% less oil in 2021 than it did in 2020, or 1.02Mb/d (million barrels per day), revenues from exports surged 63.4% over the period.

Pemex exported some 837,000b/d of its signature heavy Maya, Altamira and Talam crudes and 181,000b/d of its light Istmo crude mix.

In terms of production, in its latest figures, the company reported average production of 1.66Mb/d in 2021, not counting fields where the state-owned firm is partnered with private sector players, which was significantly below its target of pump 1.73Mb/d. If those areas are factored in, Pemex produced an average 1.68Mb/d.

The figure was also a slight increase (+1.5%) compared with its output in 2020.

Pemex’s output rose significantly during the first three months of 2021, remained flat during the second quarter and fell significantly during the third, when a fire broke out in its Ku Maloob Zaap asset, which is its highest producing area. During the fourth quarter, output recovered to pre-accident levels.

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