The state-owned oil company Pemex announced that its new Dos Bocas refinery in Tabasco state, Mexico, is set to increase its crude processing capacity in the coming years. According to Octavio Romero, the CEO of Pemex, the refinery will reach an average processing rate of 243,000 b/d this year and is projected to approach nearly 320,000 b/d by 2025.
Romero made these comments during President Andres Manuel Lopez Obrador’s regular morning meeting with reporters. He also mentioned that production at the refinery will commence later this month, with an estimated average output of 208,000 b/d of gasoline, diesel, and jet fuel expected in 2024.
The completion of the Dos Bocas refinery was previously announced by Lopez Obrador in July 2022. However, the facility has yet to produce commercial quantities of gasoline. Rocio Nahle, the former Ministry of Energy Secretary, had previously stated that full operational capacity at Dos Bocas was anticipated by 2023, with expected production levels of 170,000 b/d of gasoline and 120,000 b/d of diesel.
Regrettably, Romero admitted that Mexico will not achieve Lopez Obrador’s goal of becoming self-sufficient in fuel production until after the president finishes his term later this year. The country is projected to continue importing fuels in 2022 at an average rate of nearly 300,000 b/d of gasoline, diesel, and jet fuel. However, these import levels are anticipated to decrease significantly to 62,000 b/d by September.
Romero attributed the delay in achieving fuel self-sufficiency to the commissioning delays of new cokers at Pemex’s Tula and Salina Cruz refineries. Despite this setback, the Dos Bocas refinery is poised to bolster Mexico’s crude processing capacity and contribute to the nation’s overall energy industry.
Pemex Expects Coker Units to Reach Full Capacity by 2026
Pemex, Mexico’s state-owned oil company, anticipates that both of its coker units will operate at full capacity between 2025 and 2026.
Fuel Production to Surpass 1 Million Barrels per Day
By 2025, the coker unit in Salina Cruz will come online, leading to a significant increase in fuel production. Although the unit may not be fully completed by then, Pemex expects fuel production to exceed 1 million barrels per day (b/d), almost reaching self-sufficiency.
Processing 1.5 Million Barrels per Day
In the current year, Pemex aims to process 1.5 million b/d of crude oil. This figure includes output from Dos Bocas, the Deer Park refinery located near Houston, as well as Pemex’s six domestic legacy refineries.
Pemex’s Refineries Contribution
Pemex’s six refineries will play a vital role in the crude oil processing. They are expected to contribute 1 million b/d by 2025, with a further increase to 1.2 million b/d.
Decline in Processing Volume
The latest reports from Mexico’s energy ministry highlight that Pemex processed an average of nearly 790,000 b/d during the first 11 months of 2023. This figure reflects a 3% decrease compared to the same period in 2022.
Market Share Regained
Despite the decline in processing volume, Pemex has successfully regained its market share in gasoline, diesel, and jet fuel. In 2023, Pemex supplied 82% of the market, and it is anticipated that this share will rise to 84% this year.
Reporting by Karla Omaña, Editing by Jeff Barber.
