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The production of new fields in the third quarter of 2023 averaged around 192 thousand additional barrels a day to the production registered during the third quarter of 2022.
The production of new fields in the second quarter of 2023 averaged around 208 thousand additional barrels a day to the production registered during the second quarter of 2022.
The production of new fields in the first quarter of 2023 averaged around 199 thousand additional barrels a day to the production registered during the first quarter of 2022.
The annual production of new fields went up by around 168 thousand barrels a day against 2021 and represents the highest yearly increment in the short history of these fields.
The new fields will have to produce an average of 478 thousand barrels a day in the fourth quarter of 2022 to make it possible for Pemex to reach its production target of 1.800 million barrels a day.
The new fields will have to produce an average of 428 thousand barrels a day in the second half of 2022 to make it possible for Pemex to reach its production target of 1.830 million barrels a day.
The new fields will have to produce an average of 378 thousand barrels a day between April and December of 2022 to make it possible for Pemex to reach its production target of 1.849 million barrels a day.
The new fields will have to produce an average of 420 thousand barrels a day in 2022 to make it possible for Pemex to reach its production target of 1.903 million barrels a day
The new fields will have to produce around 300 thousand barrels a day during the fourth quarter of 2021 to make it possible for Pemex to reach its production target of 1.765 million barrels a day.
The new fields will have to produce around 290 thousand barrels a day during the second semester to make it possible for Pemex to reach its production target of 1.802 million barrels a day for 2021.
The timely decision of the government to continue alleviating the fiscal burden on Pemex helped it reduce the share of royalties and duties to 32.8% in 2020 after reaching a peak of 74.1% in 2005. Nevertheless, the lower fiscal burden on Pemex will be reflected on more fiscal pressure for the federal government.
The headwinds from declining oil demand and increasing supply will delay the recovery of the Texas economy. Consequently, we expect Texas GDP to decline between -3.7% and -6.9% in 2020, that is, worse than the U.S. average. This would mark the worst recession since at least 1978.
