Mexico weighs financial lifeline for Pemex

OREANDA-NEWS. February 02, 2016. The Mexican government is weighing a financial lifeline for state-owned Pemex to help the company get through the oil price slump, declining production and a historic opening of Mexico's energy sector, finance minister Luis Videgaray says. But "the company at the same time... should review its costs, adjust its spending programme and be more efficient", he says.

The government says Pemex should use the country's energy reform to partner fully with the private sector, concentrate on profitable activities and leave to others what it cannot do profitably itself.

Pemex's crude production fell to 2.27mn b/d in 2015, down by 7pc from 2.43mn b/d in 2014.