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Indebted Pemex Sets Long-Awaited Carbon Dioxide Reduction Goals – Bloomberg

Gas flares at a PEMEX refinery in Tula, Hidalgo, Mexico Alejandro Cegarra/Bloomberg
Company released emission reduction targets through 2027. Pemex has been under growing pressure due to methane leaks. Gas flares at a PEMEX refinery in Tula, Hidalgo, Mexico. (Alejandro Cegarra/Bloomberg)

Alex Vasquez, Bloomberg News

EnergiesNet.com 02 02 2024

Mexican state-owned oil company Pemex said it increased its carbon dioxide reduction targets through 2027, in an effort to meet the government’s emissions goals through the end of the decade. 

Greenhouse gas emissions from the oil and energy sector must decrease 14% by 2030 in order to fulfill Mexico’s aspirations, the company said in a presentation posted Thursday. 

Improving its environmental track record is among the many challenges facing Pemex, the world’s most indebted oil company. Although President Andres Manuel Lopez Obrador has increased the financial support for the company, its output has plummeted by nearly half over the past two decades while its refineries are struggling to recover from a spate of fires last year.  

Read More: Mexico’s Next Leader Will Inherit Oil Giant’s $106 Billion Debt

Pemex’s goals include reducing its greenhouse intensity index in oil and gas production 48% by 2027, as well as in refining processes 36% by 2027. The company also aims to curb emissions from natural gas processing 58% by 2027. 

The company identified key initiatives regarding the detection, quantification and abatement of methane leaks, an area where it has been under pressure following reports that malfunctioning flares released the amount equivalent to about 3% of annual emissions from Mexico’s entire oil and gas sector. 

Pemex’s plans include capturing methane during repairs and maintenance of its gas lines, monitoring for leaks and replacing equipment in condensate storage tanks, it said in the presentation.

–With assistance from Amy Stillman.

bloomberg.com 02 01 2024

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