Pemex is giving Big Oil an even bigger mess to fix. Mexico’s energy giant lost more money in the second quarter. Chronic inefficiency is pushing crude output to its lowest since 1990. And the government upped its tax take to 132 per cent of Pemex’s income.
The country’s output of black gold has fallen by a quarter over the past decade – an urgent problem for a nation that relies on oil for a third of its tax revenue. State-owned Pemex, whose 75-year drilling monopoly will soon end, revealed on Friday that it expects production to be 3 per cent lower than previously forecast in 2014, at around 2.4 million barrels a day.