Peru’s Path Forward: Navigating Political, Economic, and Global Dynamics

LATIN AMERICA ADVISOR

Energy ADVISOR

A daily publication Of the dialogue

January 31, 2025

What’s the Future of Pemex Under Claudia Sheinbaum?

Mexican President Claudia Sheinbaum is overhauling state-owned Pemex, tightening the government’s control of the company’s daily operations and long-term planning. Sheinbaum is pictured visiting a Pemex refinery in 2022. // File Photo: Mexico City Government.

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Marina Pera, analyst at Control Risks in Mexico City: “The government’s heavy fiscal support for state-owned oil company Pemex in the form of various tax reliefs, investments and transfers puts pressure on Mexico’s public spending. Sheinbaum has been announcing several measures to improve Pemex’s financial health, including a $1.9 billion investment to produce more crude oil in the shallow-water oil Bacab field in the Gulf of Mexico. Moreover, in November 2024, Sheinbaum announced a new fiscal regime for Pemex, consolidating several taxes into a single levy: ‘Derecho Petrolero para el Bienestar.’ She also eliminated 40 private subsidiaries and cut $2.5 billion of ‘redundant expenses.’ The administration will also introduce the secondary laws of the constitutional reform that classified Pemex as…”

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ABOUT THE Energy ADVISOR

A sister publication of the Inter-American Dialogue’s daily Latin America Advisor, the weekly Energy Advisor captures fresh analysis from business leaders and government officials on the most important developments in oil and gas, biofuels, the power sector, renewables, new technologies, and the policy debates shaping the future of energy in the Western Hemisphere and beyond. To subscribe or for more information, contact Gene Kuleta, editor of the Advisor, at gkuleta@thedialogue.org.

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Staff

Gene Kuleta
Editor
P. 202.463.2920
E. gkuleta@thedialogue.org

Carl David
Goette-Luciak
Reporter

Nili Blanck
Reporter

board of advisors

Nigel Blackaby
Global Head, International Arbitration Group,
Freshfields Bruckhaus Deringer

Jimena Blanco
Chief Analyst,
Verisk Maplecroft

María José Cortés
Head of ESG,
Atlas Renewable Energy

Jeffrey Davidow
Senior Counselor,
The Cohen Group

Analia Gonzalez
Leader, Arbitration & Litigation,
Laitn America, BakerHostetler

Jonathan C. Hamilton
Partner,
White & Case

Raul Herrera
Partner, Corporate &
Securities Practice,
Arnold & Porter

James R. Jones
Chairman,
Monarch Global Strategies

Jorge Kamine
Partner, Corporate &
Financial Services,
Willkie Farr & Gallagher

Craig A. Kelly
Senior Director,
Int’l Government Relations,
Exxon Mobil

Jeremy Martin
Director,
Energy Program,
Institute of the Americas

Larry Pascal
Chairman, Americas
Practice Group,
Haynes & Boone

R. Kirk Sherr
President,
Clearview Strategy Group

Daniela Stevens
Director,
Energy Transition and Climate Program,
Inter-American Dialogue

Doris Rodríguez
Partner,
Hunton Andrews Kurth

Alexandra Valderrama
Director,
International Government
Affairs, Chevron

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