Overview

• The President's First Government Report confirms Pemex has executed the initial 11 mixed contracts that invite private capital and technology into company-controlled fields.
• Pemex targets 21 mixed schemes by year-end, with the first tranche expected to attract about $8 billion and deliver roughly 70,000 barrels per day initially, potentially reaching 450,000 bpd by 2033.
• Separately, Pemex opened an offer to repurchase bonds maturing 2026–2029 for up to $9.9 billion, covering 11 dollar- and euro‑denominated series and set to expire September 30.
• The state oil company carries financial debt near $100 billion and owes about $22 billion to contractors and suppliers, underscoring ongoing liquidity pressures.
• By end‑June, Pemex had used 75.3% of its 2025 E&P budget and drilled only 25 of 225 planned wells, prompting analyst warnings that contract cancellations could follow and production goals could slip.