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Weekly Report - 03 December 2015 (WR-15-48)
MEXICO: Poor Pemex results as energy reform advances
Mexico’s finance ministry has released the third-quarter financial results for the state-owned oil firm, Pemex. As has been the case throughout the year, the figures make for worrisome reading for the government led by President Enrique Peña Nieto. With Pemex’s production failing to pick up significantly this year – even though ramping up production is one of the government’s key objectives – and with international oil prices still low, the firm’s revenues have taken a hit. All of this raises further questions about Pemex’s ability to adapt and compete in what will become a more liberalised sector once the government’s ongoing energy reform is completed.
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