In recent days presented its Business Plan for the 2017-2021 period. The axis of this Plan is to establish alliances and strategic partnerships with the private initiative to reverse the financial and operating crisis that it faces. Pemex’s CEO José Antonio González Anaya said that the Business Plan is already in progress and important progress has been reported. In 2016, the budget adjustment announced in February for 100 billion pesos will be fulfilled. In addition, all of the debts with suppliers last year are either liquidated or already scheduled and a corporate restructuring was carried out, reducing by 40% the senior management team of 2015. Also, the Plan establishes actions that will allow The state productive company to reach primary surplus in 2017 of 8.4 billion pesos and achieve the financial balance between 2019 and 2020.
They reported that, gradually, the results obtained have translated into the greater confidence of the international markets in the future of Pemex. So far this year, the risk of Pemex has been cut in half, the debt maturity has increased and, as a result, they were able to return to financial markets like the Japanese, after many years of not participating.
González Anaya said that Pemex has the challenge of adjusting the cost structure in a scenario of low prices and the historic opportunity to use all the tools that the Energy Reform provides. As a result of the change in its legal framework, Pemex can develop a similar operation to the rest of the world’s oil companies, allowing it to reverse the loss trend of recent years and share technical, technological and financial risks.
The Business Plan promotes the formation of alliances throughout Pemex’s value chain as a mechanism to increase its investments and efficiency. González Anaya said that these tools are already a reality and pointed to the current tender for deep water in the Trion block and the next migrations in shallow waters (in the Ayin and Basil wells) and terrestrial fields. It is expected that the development of these and other oil fields through the farm out schemes will allow restoring the reserves in at least one thousand 100 barrels per day, in addition to having the capital injection and new technologies. The company expects that these actions will stabilize production, which until 2017 will maintain a decline with one million 944 thousand barrels per day, but by 2021, they would reach 2 million 196 thousand barrels per day.
One of the core points of the Business Plan 2017-2021 are the partnerships in Pemex Transformation, specifically in Refining to reactivate it in the face of constant unemployment and lack of maintenance. Therefore, the challenge is to reverse the economic and operational losses. In fact, in this segment, by 2017 the company expects a negative financial balance of 108.9 billion pesos, however, with the implementation of the business plan, it is expected to reverse the losses and translate them into profits for the company.