Mexico energy sector expects US$25bn investment

Friday, February 9, 2018

Oil and gas exploration and production, seismic surveys, natural gas and fuel pipelines as well as the construction of power stations running on renewable energy in Mexico are expected to draw around US$25bn in investment this year, said energy minister Pedro Joaquín Coldwell (pictured).

At a press conference, Coldwell said investment in the energy sector since the 2014 reform has totaled US$175bn, and will surpass US$200bn this year.

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Eight oil and gas auctions held so far have netted more than US$152bn, with 69 new companies having entered the sector, 33 of them Mexican and 20 from other countries, he said.

The country held its most recent auction on January 31 and will hold its next one, for shallow water fields, on March 27, followed by an onshore auction on July 25. The year will also see one more auction and the ministry is working to design a tender for non-conventional fields, while farm-outs will be launched for state oil firm Pemex.

Also read: Mexico flaunts its shale gas potential

This year's auctions are designed to create oil clusters in three areas: the Burgos basin and the Perdido belt, the Tampico-Misantla and Cordilleras Mexicanas areas, and the Salina basin and Sureste basin, Coldwell said.