Pemex Hires Back Former Head of Exploration and Production
May 5, 2025
The former head of Mexican state oil firm Pemex's exploration and production arm has returned to his post after the surprise departure of the previous chief this week, three sources told Reuters on Friday.
Petroleum engineer Angel Cid Munguia had served as the head of Pemex Exploration and Production through the administration of President Andres Manuel Lopez Obrador, but was replaced by Nestor Martinez when President Claudia Sheinbaum took office in October.
Three sources with knowledge of the matter said Martinez stepped down on Wednesday. Two of them said Cid Munguia had immediately returned to his former post.
Neither Pemex nor the Energy Ministry responded to Reuters' requests for comment.
The turnover comes as Pemex, Mexico's largest oil firm and one of its largest companies overall, struggles to stem a downturn in oil and gas output.
Pemex, which is also one of the most indebted oil firms in the world, is far from the production target of 1.8 million barrels per day that Sheinbaum has set for her term. The last time Pemex produced within that range was in March 2024.
Two of the sources said Cid Munguia had been acting as adviser to Energy Minister Luz Elena Gonzalez before his return. Three sources said that Martinez, once a commissioner at the now-defunct oil regulator CNH, would stay at Pemex as an adviser to CEO Victor Rodriguez.
(Reuters - Reporting by Adriana Barrera; Editing by Leslie Adler, Nia Williams and Rod Nickel)
