Pemexs Exploration Head Expected to Step Down: A New Leader Takes the HelmThe podcast episode delves into a significant leadership change at Pemex, Mexicos state-owned oil company. Ángel Cid Munguía, the head of exploration and production, is set to depart, following his brief return to the role to boost oil output. This marks another shift in leadership for this critical division.Cid Munguía previously led Pemex Exploración y Producción (PEP) until the end of the previous administration. His reappointment aimed to reverse declining crude production, but his departure comes amidst challenges in meeting production targets. The incoming president has set an ambitious goal of 1.8 million barrels per day by 2030, but this faces obstacles due to aging oil fields and a lack of new discoveries.Octavio Barrera Torres, an electronics engineer, is expected to replace Cid Munguía. Sources suggest Cid Munguía failed to meet production targets, highlighting the pressure on Pemex to improve its finances and increase oil and gas output. Pemex also grapples with substantial financial debt, making the path to improved finances and increased output challenging.

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