Pemex’s role in the global jackup shift
Between 2024 and 2025, Saudi Aramco enforced jackup suspensions and early terminations, affecting 37 of the 92 units under charter in Saudi Arabia. Meanwhile, Pemex initiated contract suspensions and terminations to save $1.4 billion, impacting rigs operated by contractors like Borr Drilling, CME, CP Latina, Fontis Energy, Perforadora Central, and Perforadora Mexico. In 2023, Pemex maintained an average of 28 units for drilling operations, decreasing to 27 in 2024. During the first eight months of 2025, the operator averaged 16 drilling jackups and 11 suspended. Further suspensions are anticipated in late 2025, potentially increasing the global count of suspended jackups and competition in open tenders, putting downward pressure on day rates. Some extensions have led to jackups being stacked. If Pemex aims to restore the number of drilling jackups to prior levels, local availability could become constrained, impacting the timely resumption of operations.—Petrodata Rigs by S&P Global
Source: Petrodata Rigs upstream E&P content, a product of S&P Global Commodity Insights; Copyright 2025 S&P Global
A sign of rising instability at maritime chokepoints
Rystad Energy’s latest analysis reveals a growing threat to global energy security as the world’s five most critical maritime chokepoints (narrow sea routes that handle the bulk of global oil and gas transit) face escalating risks from conflict, piracy and environmental hazards. In 2023, these chokepoints carried an estimated 71.3 MMbbl/d of oil and petroleum products and about 26 Bcf/d of LNG. By 2024, that volume had dropped to 65 MMbbl/d for oil and petroleum and 24.8 Bcf/d for LNG, a clear sign of rising instability in some of the world’s most strategically important waters. While some of the recent volume decline is linked to temporary shocks, such as Houthi attacks offshore Yemen or Iran-Israel tensions, there are also signs of a longer-term structural shift, with flows being rerouted through the Cape of Good Hope and alternative pipelines as traders and governments adapt to instability. The US, with its growing domestic production, remains less exposed than Asia and Europe, which rely heavily on the Strait of Hormuz and the Strait of Malacca for transport, leaving China acutely vulnerable.—Rystad Energy
Source: Rystad Energy Upstream Solution, September 2025
Any disruption at these at-risk chokepoints could shatter supply chains, trigger sharp spikes in energy prices and inflict severe economic damage worldwide, according to Rystad Energy analysts.