IFRS S1 for Oil & Gas in Mexico: 2026 Guide
IFRS S1 establishes general requirements for BMV and BIVA-listed issuers to disclose material information about sustainability-related risks and opportunities in their annual reports. CNBV made it mandatory starting January 2025, with the first report covering FY2025 data due in 2026. IFRS S1 acts as the umbrella standard that complements IFRS S2 on climate-specific matters.
The oil and gas sector has the highest stranded asset risk under IFRS S1 in Mexico. The combination of carbon pricing (potential Mexican tax of USD 3-5/tCO₂ in expansion) and IEA NZE 2050 scenarios implies reserve value impairment that must appear in financial notes. Pemex international bondholders already require ISSB-aligned disclosure, not just CNBV reporting.
Why IFRS S1 Applies Differently in Oil & Gas
Sustainability Director and corporate treasurer of oil, gas and hydrocarbon transport operators with debt issuances on BMV or international markets
Upstream methane: venting and flaring of associated gas in production fields is the largest fugitive Scope 1 source and SENER emission factors differ from OGMP 2.0 demanded by international bondholders
Critical IFRS S1 transition risk: exploration and production assets must be analyzed under IEA NZE 2050 scenario (oil demand falls 75% by 2050) — Pemex and IEnova have long-term liabilities the market already discounts
Massive Scope 3 category 11: combustion of oil and gas sold by customers represents 80-90% of total footprint — mandatory data under IFRS S2 that many have never calculated
Spills and environmental incidents: IFRS S1 requires disclosure of incidents with material financial impact — Pemex liabilities in Reforma and Ku-Maloob-Zaap are a high-exposure area
Critical IFRS S1 KPIs for Oil & Gas
| Required KPI | Data Source | Difficulty |
|---|---|---|
| Methane intensity: % of methane vented + flared over total gas produced (OGMP 2.0 benchmark: <0.2%) | Direct combustion (Scope 1) | High 🔴 |
| Upstream carbon intensity: tCO₂e per barrel of oil equivalent produced | Electricity bills (Scope 2) | High 🔴 |
| Number of spills >1 barrel and total volume spilled (barrels/year) | Cat 11 - Combustión de hidrocarburos vendidos (uso del producto) | High 🔴 |
| Flaring intensity rate: Mcf flared / Mbbl produced | HR / payroll system | Medium 🟡 |
| Scope 3 cat. 11: tCO₂e from combustion of sold hydrocarbons (by product: gasoline, diesel, natural gas) | ERP / accounting system | Medium 🟡 |
Hard-to-Collect Data in Oil & Gas
Associated gas venting and flaring rate per production field (Mcf/d): Pemex reports to SENER but not with OGMP Level 4 granularity requiring direct measurement methodology
Fugitive methane emissions in natural gas transport pipeline network: require LDAR inspection across thousands of km of pipeline with OGI infrared camera
Volume of oil spilled per incident, volume recovered and affected area broken down by event and basin
That is why manual Excel-based processes will not pass the 2027 assurance. Without automated traceability, an external auditor cannot verify the completeness or accuracy of emissions data.
Checklist: 8 Steps to Comply with IFRS S1 in Oil & Gas
- 1
Identification and disclosure of all sustainability-related risks and opportunities material to the enterprise
- 2
Description of board and management oversight of sustainability risks
- 3
Scenario analysis to assess strategy resilience under different sustainability futures
- 4
Description of processes for identifying, assessing, and managing sustainability risks integrated into corporate governance
- 5
Disclosure of metrics and targets used to manage and monitor material risks and opportunities
- 6
Connect data sources (ERP, meters, suppliers) to a centralized platform
- 7
Review with internal audit team and adjust consolidation perimeter
- 8
Generate report in CNBV/CINIF format ready for external assurance
How Climatta Automates IFRS S1 for Oil & Gas
Automated Collection
Eliminate spreadsheets in Oil & Gas. Climatta connects your systems and automatically collects Methane intensity: % of methane vented + flared over total gas produced and other critical KPIs.
Auditor-Grade Traceability
Every data point has source, date, and owner documented. The 2027 assurance auditor can trace every figure to its origin in your systems.
IFRS S1 Report Ready
Generates the report in the exact CNBV format — tables, metrics, and narrative. No last-minute manual reformatting.
Onboarding in 4 Weeks
Climatta connects to Oil & Gas systems in 4 weeks. No months-long IT project or external implementation consultant.
FAQ: IFRS S1 in Oil & Gas
Ready to comply with IFRS S1 in Oil & Gas?
Climatta centralizes all data collection, generates the report in regulatory format, and leaves it ready for 2027 external assurance. No spreadsheets.