Pemex, Mexico’s national oil company, is set to increase its exploration efforts, with plans to drill 259 wells in 2027, a 24% increase from the 209 planned for 2026. According to the Estrategia Programática del Proyecto de Presupuesto de Egresos de la Federación (PPEF) 2027, the company aims to incorporate 542.8 million barrels of oil equivalent of 3P reserves, a 98.1% increase from the 274 million planned for this year.
The move is a significant shift in strategy for Pemex, which has previously viewed exploration as a cost rather than an investment. Pemex’s proven reserves, or 1P, have fallen by over 40% in the last 11 years, and currently stand at around 7 billion barrels, which would only last for around 10 years at current production rates.
Pemex’s increase in exploration activity is expected to lead to the discovery of more prospective resources, which can eventually be confirmed as reserves through drilling. This will improve the company’s operational and financial outlook.
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However, the cost of exploration is high, and Pemex has other short-term priorities. Despite this, the company’s efforts to increase exploration are seen as a sign of long-term vision. With the majority of the planned wells being development wells, and 29 being exploratory wells, they are taking a significant step towards securing their future production.
The increment in the exploratory activity contemplated in the Paquete Económico proposed for 2027 are good news. The company’s exploration efforts are a key part of the process to discover new resources, which will help to sustain its production levels and improve its financial position.
Pemex’s plans for 2027 are a key part of the company’s strategy to increase its reserves and improve its financial outlook. The company’s exploration efforts are expected to play a major role in achieving this goal.
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