Pemex Bets on Private Sector to Revive 400 Wells

Mexico’s state oil giant Pemex is fast-tracking plans to boost output by reopening nearly 400 idle onshore wells, partnering with private firms through service contracts to tackle wells previously shut due to high costs or technical challenges. The initiative aims to lift crude output from today’s 1.6 million barrels per day toward the Sheinbaum administration’s target of 1.8 million bpd. Under the proposed model, private operators will bear upfront costs for engineering, operations, and maintenance, and ...