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Last updateWed, 16 Apr 2014 1pm

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Mexico Planning to Overhaul Oil & Gas Industry

In August, Mexican President Enrique Peña Nieto presented an energy reform proposal amending the country’s Constitution to allow private participation in oil and gas exploration and extraction.

President Peña Nieto said that Canada and the U.S. have become energy powers, while Mexico’s state-owned energy monopoly, Petroleos Mexicanos (Pemex), has lost momentum and competitiveness.

"The generous deposits have been depleted and yet, despite multimillion investments from Pemex each year, our production has declined substantially,” said Peña Nieto. “In spite of these circumstances, thanks to technological innovations and global exploration work carried out by Pemex, Mexico now has the opportunity for new energy growth, because we have vast resources that are in unconventional reservoirs, ie deepwater shale formations, from which you can extract oil and gas. "

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