The Oil & Gas Year Mexico 2015
Mexico’s landmark energy reform, led by President Enrique Peña Nieto, spelt the end of Pemex’s 76-year monopoly over domestic hydrocarbons resources and has revamped the national oil company’s corporate structure.
Through the reform, a total of $50 billion is expected in energy investments through 2018. Upstream, the Round One tender, formally launched in December 2014, will see five calls to bid for assets spanning onshore, shale and unconventionals, shallow-water and deepwater and extra-heavy crude areas. Midstream, with the unveiling of the first phase of the $3.3-billion Los Ramones pipeline in the same month, foreign investment in infrastructure development is taking shape as well. Meanwhile, upstream development is also set to provide the domestic petrochemicals and refining sectors with much-needed breathing room.
However, with the crash in oil prices beginning in mid-2014, which saw the barrel halve in value in just six months and remain at a relatively depressed rate through 2015, setting stable foundations for energy independence in the years ahead remains a challenge.
The Oil & Gas Year Mexico 2015 hosts interviews with President Enrique Peña Nieto, Secretary of Energy Pedro Joaquín Coldwell, Pemex CEO Emilio Lozoya Austin and dozens of public and private sector leaders to gather their opinions and observations of market conditions.