Accessibility Links

Mexico's energy sector begins to see changes

13 Aug 2013
President Enrique Peña Nieto has unveiled plans to change Mexico’s constitution and open up the country’s energy sector to foreign investors for the first time in 75 years, a move that could unleash billions of dollars of investment from oil majors struggling to find new resources elsewhere.

His proposal to relax the grip on Mexican energy of Pemex, the state oil monopoly, and invite companies such as ExxonMobil and Royal Dutch Shell, is one of the country’s biggest overhauls.

Mexico’s estimated reserves are 115 billion barrels of oil equivalent. Just over half of its reserves are non-conventionals, including shale gas, and it is estimated that with the right investment and technology about 27 billion barrels of deep sea crude could be added to the nation’s proven reserves.