Mexico’s state oil company Pemex is set to replace the head of its exploration and production unit due to declining crude output. Angel Cid Munguía’s potential departure would mark the third leadership change at Pemex since President Claudia Sheinbaum took office last October.

Cid is expected to be succeeded by Octavio Barrera Torres, reflecting dissatisfaction with Cid’s failure to deliver promised production gains. Sheinbaum has pledged to maintain national oil output at an average of 1.8 million barrels per day through 2030, a challenging target amid declining output from mature fields.

Pemex’s new “mixed contracts” scheme aimed at attracting private investment has drawn limited interest, constrained by the company’s heavy debt burden. Despite receiving significant government support, Pemex continues to carry over $100 billion in financial debt, highlighting ongoing challenges for the company in the energy sector.

Read more at Yahoo Finance: Pemex Eyes New Production Chief Amid Mounting Output Challenges