In January, a process took place that surprised due to its speed. The China National Offshore Oil Corporation (CNOOC), one of the most important companies in China, decided to withdraw from its projects in Mexico at a time when the President of the United States, Donald Trump, was returning to the White House for his second term, maintaining tensions with China through tariff threats.
In contrast, the Mexican government also shows concern about Chinese trade expansion and seeks to avoid reprisals from Trump. Given this scenario, the Mexican oil company Pemex proposes a strategic change focusing on deepwater projects, attempting to reverse the decline in crude production.
Pemex's CEO, Víctor Rodríguez Padilla, is betting on partnerships with the private sector to share risks in these ambitious projects. While CNOOC withdraws from Mexico, Pemex executives are meeting with representatives from Woodside, an Australian company that is expanding its operations in the country.
Pemex seeks to increase its reserves, which are at historically low levels. There is speculation in the sector about possible partnerships between Pemex and private companies to tackle deepwater projects. These moves do not go unnoticed, as they are interpreted as signals towards Washington amid tensions with Trump.
The National Hydrocarbons Commission (CNH) approved in January the early conclusion of CNOOC's participation in one of the contractual blocks in which it operated in Mexico. Pemex is expected to continue making strategic moves to face current challenges in the energy sector.
