Overview
- Mexico’s Energy Ministry and Pemex announced 425,000 million pesos in public and mixed investment for 2026, including 345,000 million for exploration and production.
- Pemex plans to lift petrochemical and fertilizer spending 4.1 times to 29,000 million pesos, with projects in the ethane–ethylene and aromatics chains and fertilizer upgrades at Escolín and Cosoleacaque.
- Specialists argue the headline figure is unlikely to be fully realized and may not reverse production declines, noting that some funding reportedly counts Treasury support for debt rather than physical investment.
- Private participation remains limited, with only five mixed contracts awarded to small domestic firms versus more expected, which analysts say reflects unattractive terms and restricted operational control.
- Pemex targets 1.8 million barrels per day of liquid hydrocarbons and 4.5 million cubic feet per day of gas in 2026, but reported output trailed plans in 2025 and key fields like Zama and Trion are not expected to add material volumes until 2027–2028.