Pemex seeks private partnerships amid financial crisis and million-dollar debt.

Since the beginning of his administration in December 2018, President Andrés Manuel López Obrador has set a clear directive in Mexico's energy policy that has translated into a firm rejection of private companies in the hydrocarbons sector. Throughout his term, previous partnerships between Petróleos Mexicanos (Pemex) and private companies were canceled, new project licenses were suspended, and auctions for oil fields that promised significant development were halted. However, as his term comes to a close, it seems that Pemex's financial situation has led to an unexpected shift in the government's strategy, allowing some contracts with private companies, such as CME Oil and Gas, to begin to see the light of day. CME Oil and Gas, a Mexican company, has secured an exploration and production contract in the Bacab and Lum fields, located in shallow waters northeast of Ciudad del Carmen, Campeche. This agreement, which has not been officially confirmed by Pemex, could pave the way for a significant investment of $1.65 billion from CME, which is backed by estimated reserves of 183 million barrels of crude oil. This move appears to be an attempt by Pemex to diversify its funding sources and find new alternatives to address a debt that exceeds $101.5 billion in bonds. Pemex's financial situation is critical, with a debt load that includes $21.9 billion owed to both national and international contractors. Since 2019, the federal government has had to inject approximately $55 billion in resources to enable the state-owned company to meet its obligations. This need for capital has led Pemex to seek partnerships with private companies, although these are not the open partnerships that were promoted in previous administrations. Carlos Slim, the richest man in Latin America, has also aligned with Pemex, announcing a $1 billion investment to revitalize a natural gas project in the Gulf of Mexico. Slim has taken over a project that had been left hanging after the departure of New Fortress Energy, a company that had indeed secured other deals with the Federal Electricity Commission (CFE). However, this openness to private investment is not without its share of controversy, as the initial conditions of López Obrador's administration seemed to point in a completely opposite direction. Oscar Ocampo, an analyst at the Mexican Institute for Competitiveness (IMCO), warns about the risks involved in these contracts, indicating that the wells in question are not currently producing and that CME's projections may be overly optimistic. Nevertheless, the investment committed by the company could be an indication of Pemex's urgent need to diversify its funding sources and ensure the continuity of its operations. CME is led by Alfredo Bejos, who has been linked to a significant number of public contracts during López Obrador's administration. According to a report by Mexicans Against Corruption and Impunity, companies associated with the Bejos have received contracts exceeding 104 billion pesos, raising questions about transparency and contract management in the current government. Despite these developments, some experts like Ocampo believe that this change in Pemex's policy does not indicate a broad opening to private investment. "I don't think there has been that much change. The government's conflict with Pemex was more about competition than an outright rejection of companies," he notes. This statement suggests that López Obrador's administration remains cautious and selective regarding the companies it allows to collaborate, preferring those that align with its vision of control and regulation of the energy sector. The message seems clear: companies that commit to following the rules imposed by the government, as CME and Slim's Grupo Carso have done, will have the opportunity to participate in the projects that Pemex has underway. However, this strategy raises questions about the future of the energy sector in the country and the possibility of more private companies getting involved in an environment that has historically been adverse to market openness. From a more positive perspective, Gabriela Siller, director of economic analysis at Banco Base, has expressed her optimism regarding the agreement, suggesting that CME's investment could contribute to economic growth both in the short and long term. "This contract increases fixed investment, which raises economic growth," Siller commented on her social media, emphasizing that any boost to Pemex is crucial, especially given its high financial stress situation. Thus, Pemex's path towards collaboration with private companies reflects not only an urgent need for capital but also a change in the dynamics of relationships between the government and the private sector in the country's energy context. As these agreements develop and their results are evaluated, it will be essential to observe how Mexico's energy policy adapts to the economic and financial realities it currently faces.