2025.10.12 – Mexico’s Offshore Oil Moment in 2025: Pemex’s Mixed Contracts, Active Firms, Price Outlook, and Comparative Rating

Posted byLeonardo Tomás CardilloPosted inUncategorized

Key Takeaways

  • Pemex (Petróleos Mexicanos) in 2025 has begun signing mixed contracts with private firms under a new legal framework, but most sources confirm 11 deals signed, not 17.
  • Offshore in Mexico currently operates with around 13 active rigs, with participation from national firms (CP Latina, Cotemar, Marinsa, Grupo R, Perforadora México) and international ones (Valaris, Borr Drilling, Paratus / SeaMex, ENI).
  • The Brent oil price is about USD 62–65 per barrel, and WTI is around USD 61.8.
  • On a 1–10 scale (10 = Mexico’s offshore golden era around 2004–2006; 1 = collapse in 2020), the score today is 4/10: moderate revival signals, but constrained by debt, slow execution, and payment delays.

Introduction to the Present Landscape

Over the course of 2025, the Mexican oil sector has shifted toward hybrid public–private collaboration. Pemex, under a fresh legal regime, is mobilizing mixed development contracts (joint public–private exploration/extraction) to counteract declining production and chronic underinvestment. Meanwhile, local and global offshore players are jockeying for field contracts despite financial stress and delays in payments. This dynamic shapes the current “offshore moment” in Mexico.

Mixed Contract Framework and Status

  • On 22 April 2025, Pemex’s Board approved Guidelines for Mixed Development Schemes (Agreement CA-025/2025), formally published in the Official Gazette (DOF) on 29 April. Under these rules, Pemex must retain at least 40% participation, and private partners may be selected via competitive bidding, restricted invitation, or in exceptional cases, direct awards.
    (Norton Rose Fulbright analysis)
  • By early September 2025, Pemex reported signing its first 11 mixed contracts under that new legal framework. These represent the initial phase toward a goal of 21 contracts over the year. (Reuters via TradingView)
  • Pemex projects that these contracts could bring in US$8+ billion in capital, and target adding some 70,000 barrels per day (bpd) of crude production. (Reuters / Mexico Business News)
  • In the auctions for the next wave, 14 firms expressed interest in 6 of the contracts. Notably, Grupo Carso (associated with Carlos Slim) is engaged particularly with the Ixachi field, bidding ~US$5 billion for its stake. (Mexico Business News)
  • However, many contracts are still in stages of negotiation. No universal confirmation exists that 17 contracts are fully executed—some reports note that only the first 11 are firm, and the rest remain under allocation or evaluation.
  • Analysts raise transparency concerns and contest optimistic projections, pointing to inconsistent public disclosures. (Mexicobusiness, EnergyIntel)

Active Offshore Firms & Their Roles

Here is a rundown of key entities operating in offshore (or near-offshore) in Mexico in 2025:

  • Pemex: State operator and principal executor of mixed contracts.
  • Valaris plc: International rig operator; e.g. Valaris 117 jack-up contracted in Mexican waters under ENI’s projects.
  • Borr Drilling Ltd.: International; operates multiple jack-ups in the Gulf of Mexico contracted to Pemex fields.
  • Paratus Energy / SeaMex: Foreign (e.g. Bermuda-based) shallow-water contractors under Pemex agreements.
  • Perforadora México (Grupo México / Pemsa): Mexican; their rigs have experienced suspensions due to delayed Pemex payments.
  • CP Latina (Constructora y Perforadora Latina): Mexican; offers drilling and maintenance services.
  • Grupo R, Cotemar, Marinsa, Diavaz: Mexican service/logistics companies in support roles.
  • ENI (Italy): Private operator of certain concession areas, using rigs from contractors like Valaris.

These firms vary by nationality: national ones focus more on services and localized contracting, while international firms supply rigs, technical capacity, and capital.

Offshore Rig Activity & Oil Price

  • Rig count: In August 2025, Mexico had 13 active offshore rigs (Baker Hughes international rig count data).
  • Oil price (recent):
  • Brent: USD 62–65 per barrel
  • WTI: USD ~61.8 per barrel
  • The moderate price environment supports reactivation, but margins are tight given debt service and capital constraints.

Historical Benchmark & Current Scoring

  • Peak era (10/10): ~2004 to 2006—especially during Cantarell’s peak (≈2.1 million bpd), robust investment and platform deployment.
  • Lowest era (1/10): 2020—global oil crash amid COVID-19, massive cuts in output, severe financial losses for Pemex.
  • 2025 rating: 4/10
  • Strengths: Legal framework now allows mixed contracts; private interest; some capital inflows.
  • Weaknesses: Delays in contract finalization, Pemex’s heavy indebtedness, large overdue payments to service companies, selective rig utilization.

Why the 4/10?

  • Only a minority of projected contracts are fully executed.
  • Rig utilization is moderate, not expansive.
  • Strong dependence on external investment and continued government support.
  • Structural risks remain: governance, regulatory shifts, contracting transparency, and enforcement.

Additional Translation / Definition

If the Spanish term “zona” appears in other discourse:

  • Definition: “Zone” or “area,” e.g. designated region.
  • Origin: Borrowed from Spanish “zona.”
  • Acceptance: Used in professional/industry reports to refer to blocks or concession zones.

Live Video Source (YouTube)

One verified video providing background on Pemex’s first mixed contracts:
“Pemex firma primeros contratos mixtos para elevar producción”

Sources

Published by Leonardo Tomás Cardillo

https://www.linkedin.com/in/leonardocardillo

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