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Mexico Overview


in figures

Oil Reserves7.2 billion barrels

Oil Production2.22 million bopd

Gas Reserves200 bcm

Gas Production40.7 bcm

Mexico: Latin America's New Energy Powerhouse

The implementation of the Energy Reform Act in August 2014 marked a new era not only for the domestic hydrocarbons industry, but also for Mexico, the fourth-largest oil-producing country in the Americas. Among the changes resulting from the act are the restructuring of NOC Pemex to increase efficiency and the opening of oil and gas value chain from E&P to retail to private foreign and domestic companies. Since 2015, two four-tender rounds have taken place, as well as the first auction of Round 3.1. Three more tenders were scheduled for 2018, but have been postponed. Additionally, in 2016, Pemex began farming out some of its more complex acreage to private companies with greater technological expertise and financial resources.

In addition to the reform, one of the biggest drivers of change in Mexico’s energy industry is growing demand for natural gas. Consumption is expected to rise by 64% between 2013 and 2027. Since 2010, Mexico’s gas imports from the USA have grown by 300%, and the US Energy Information Administration predicts they will double by 2019. Demand is outpacing storage and distribution capacity, a problem that has spurred the government to lay out the Five-Year National Integrated Natural Gas Transportation and Storage Plan 2015-2019 which will expand the natural gas pipeline network.

Despite being a crude oil exporter, Mexico has been a net fuel importer since 1998.  Pemex has taken steps to stem losses downstream, by partnering with private investors for upgrades and expansions at several of its ageing refineries. Additionally, the country’s new president is promoting a project to build a new mega-refinery in Tabasco. The liberalisation of fuel prices across the country was completed in November 30, 2017. That, coupled with fuel demand growth, has created an environment in which local and foreign, small and large fuel retailers can prosper. In March 2017, BP became the first private foreign fuel retailer in the Mexican market. Since then, several others have entered the sector.

All the market’s latest developments are covered in The Oil & Gas Year Mexico 2019.

Constantine GALANIS
Mexico - May 28, 2020

Constantine A. Galanis, general director of Apollo, talks to The Energy Year about the strength and preparedness of Mexico’s…

Mexico - May 09, 2019

Josh Loftus, president of Mexico Pacific Limited (MPL), talks to TOGY about why the company is establishing a liquefaction…

First private offshore explorer wins award in Mexico
Mexico - April 16, 2019

TOGY Mexico 2019 has named Talos Energy the Independent E&P Company of the Year. CEO Timothy S. Duncan received the award in…

Oscar MENDOZA REBOLLEDO, Gas Director Mexico
Mexico - April 04, 2019

Óscar Mendoza, gas director of Gasoductos y Estaciones del Norte (GENSA) in Mexico, talks to TOGY about the use of alternative…

Mexico Exploratory Areas Map

Mexico maps

Mexico Exploratory Areas

Jaguar E&P awarded Mexico 2019 Upstream Joint Venture of the Year
Mexico - March 28, 2019

Mexico City, March 25, 2019 – The Oil & Gas Year (TOGY) presented the Onshore Upstream Joint Venture of the Year award to…

Pemex 2019 upstream plans announced
Mexico - March 19, 2019

Pemex will triple the number of wells it drills in 2019 compared to 2018 to raise production by 300,000 bopd by 2022, company…

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