Pemex's exploration spending will fall 40.6% in 2027, from 39,495 to 23,452 million pesos, according to the Budget Comparison 2026 vs 2027 by Ramses Pech, a partner at Grupo Caravia, cited by Expansión on September 15, 2026. The figure measures the gap that Pemex and CFE aim to cover with private capital in order to sustain their investment plans to 2030.
The adjustment is part of the 2027 Economic Package. According to Bloomberg Línea, the Secretaría de Hacienda proposed a cut of 1.3% in real terms for Pemex, with a budget of 527,122 million pesos, and of 8.5% for CFE, with 523,748 million. Federal transfers total 81,100 million for Pemex and 90,400 million for CFE, and priority budgeted investment amounts to 255,529 million and 60,992 million, respectively. For Mexico the underlying issue is financial capacity: Hacienda noted that “in 2027 an additional financial effort will be made to address spending and investment priorities,” and Bloomberg Línea reported that the government is promoting mixed investment schemes with the private sector to meet oil production targets and electricity demand.
Pech argued that the 40.6% cut in exploration “jeopardizes the discovery of new deposits and medium-term production.” Pemex's plan toward 2030 envisions raising hydrocarbon production from 1.6 to 1.8 million barrels per day, bringing natural gas to 5,000 million cubic feet per day and gasoline, diesel and jet fuel production to 343,000 barrels per day. At CFE, the 61,000 million pesos of physical investment for 2027 represent a real reduction of 3.6% compared with 2026, while the strengthening plan foresees more than 22,000 megawatts of new generation capacity and more than 158 transmission projects. Pech concluded that “the two state companies are losing purchasing power and the energy sector contracts 5.3% in real terms.”
The next checkpoint is legislative: the Chamber of Deputies will discuss the 2027 Economic Package in the coming weeks. The amounts approved will define what share of the 2030 plans is covered with public resources and what share shifts to the market.
This article was written with artificial intelligence assistance based on verified sources and reviewed by a human editor before publication.