Exploration and production (E&P) contracts awarded through Mexico’s 2013-2014 energy reform remain on track to reach pre-pandemic oil and natural gas output targets, according to the Asociación Mexicana de Empresas de Hidrocarburos (Amexhi), a local oil and gas trade organization.

Mexico production

The group is aiming for natural gas production of 355 MMcf/d and oil output of 280 million b/d by 2024 from the contracts, which were awarded through bid rounds, farmout tenders and the migration of oilfield service contracts to E&P contracts between 2015 and 2018. 

“Practically all the oil companies in the world are cutting their investments,” the group said in an update published November 30. “Nonetheless, the commitment to Mexico is maintained.”

The group said it expects oil production...