The president Claudia Sheinbaum confirmed this Wednesday morning that Petróleos Mexicanos (Pemex) will no longer have subsidiaries and many of the 40 subsidiaries with which it operates today will even disappear to unite their activities and operate as a consolidated company that will pay a single tax to the Mexican State: the “Oil Law for Wellbeing”, in which all the payments made to explore and extract the nation’s liquid hydrocarbons will be brought together, so that 30% of its profits go to the State legally and permanently, in the case of oil, and 11.63% in the case of non-associated natural gas.
As stated in the version of the new Pemex Law which will be part of the secondary legislation of the Constitutional changes, which will be presented next February and to which you had access The Economistthere is a plan for the subsidiaries that operate today to disappear, which are:
- Exploration and Production
- Industrial Transformation
- Logistics
- Fertilizers
And the finances will be concentrated in a single entity, which will be Pemex, and will be able to create subsidiaries for the operation, although it will reduce the number of these companies that exist today.
Pemex
According to Victor Rodriguez Padillageneral director of Pemex, this simplification will give savings of 50,000 million pesos through cost compaction and elimination of redundant expenses. However, Sheinbaum Pardo asserted that all the rights of oil workers will be respected and the basicization program that began in the last administration and was suspended due to the change of cabinet will even continue.
During the presentation of the National Strategy for the Hydrocarbons and Natural Gas Sectorthe president also said that for various activities mixed investments may be carried out in which third parties may participate in a transparent scheme, with the majority of participation from the public sector.
And he assured that two of the most important projects for his administration will be the project Zamawhich was the first discovery by a private company in Mexico and in which it bought a stake Carso Group for the extraction of a potential of up to 800 million barrels in the shallow waters of the Gulf, and Trión, which would be the first development in Mexican deep waters, where the Australian Woodside and Pemex carry out their plan to start in 2028.
He also said that, in terms of natural gas, the field Lakach in deep waters, where Carso also has participation, will be part of the company’s priorities.
