LatAmOil: Mexico’s oil investments hit record in 2023

In 2023, both Mexico’s national oil company (NOC) Pemex and private oil companies operating in the country set a record for investments in migrated projects, associations, and blocks acquired through bidding rounds, Mexico Business News reported on April 3.

According to the oil and gas regulator the CNH, investments surpassed $3.074bn, marking the highest figure since 2015, and represented a 40.7% increase compared to 2022, with January 2023 alone witnessing investments totalling $437mn.

Cumulatively, Pemex and its partners in exploration and production invested $15.5bn to fulfil project obligations from bidding and migration rounds.

However, this amounts to only 23.6% of the approved resources exceeding $65.9bn, expected to be progressively utilised as projects advance.

Notably, Pemex is yet to commence four projects won in bidding rounds, opting for sporadic work in some fields to maintain control, despite resulting developmental delays.

Italian company Eni leads in investment allocation, dedicating over $2.9bn primarily to projects focused on the exploration and development of the CNH-R01-L02-A1/2015 contract.