On February 15 President Andrés Manuel López Obrador (AMLO) announced the launch of Pemex’s Strengthening Programme, a six-year plan designed to improve the company’s financial position through the liquidation of assets, a reduction in tax payments and improved efficiency. It includes the monetisation of promissory notes worth MXN35bn ($1.8bn), a pledge to crackdown on corruption and fuel theft, expected to save MXN32bn ($1.7bn), and tax relief amounting to MXN90bn ($4.7bn) through to the end of 2024. The reforms are set to see investment in Pemex increase from last year’s MXN204bn ($10.5bn) to MXN288bn ($14.9bn) this year, according to by Alberto Velázquez García, the company’s CFO, some 5.5 percent more than originally estimated. Reforms to boost exploration and production activity This projected fiscal improvement is one of the key factors, along with investments in new technologies and public-private collaborations, that is expected to increase Pemex’s oil production. After reaching peak […]