Mexico's post-reform energy investment hits US$80bn
Mexico's energy reform has brought in US$80bn of investment in the oil and gas and electric power sectors, and the figure will increase to US$100bn by the end of President Enrique Peña Nieto's six-year term in December 2018, according to energy minister Pedro Joaquín Coldwell (pictured, center).
Speaking at a business forum, Coldwell said that among other things the reform has allowed private firms to participate in the construction of fuel storage terminals, taking the country toward international standards that recommend at least a 30-day supply capability.
As a result of the end of state oil firm Pemex's monopoly on fuel imports and sales, more than 26 private firms now operate in the sector, including BP, Chevron, ExxonMobil, Glencore and Total.
The minister also highlighted the success of Mexico's oil and gas auctions, which were made possible by the energy reform and which have so far had a success rate of 74% and brought 67 companies into the sector, 33 of which are Mexican.
The next auction, for deepwater areas, will be held on January 31.
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