Mexico requests to join IEA

PARIS, November 17, 2015 – Mexico has submitted an official statement of interest in becoming an International Energy Agency (IEA) member. This is one of the country’s latest steps to transform its struggling oil and gas and energy industries and strengthen ties with other countries and foreign investors.

The country is facing corruption and financing challenges in its previously-nationalised oil and gas industry, which it opened up for foreign investors in July 2015. The initial offer of 14 exploration blocks were met with less enthusiasm than expected, with nine companies taking part in the auction.

Joining the IEA is the latest move in the country’s aims of boosting production as it recently fell from fifth to tenth biggest oil producer in the world. Mexico will need to increase its energy source reserves and put a demand restraint programme in place to curb its oil consumption.

If the request is approved, Mexico will join other member countries to promote energy security, economic development across the oil and gas and energy industries and sustainability.

For more news and features about Mexico, click here.

Read our latest insights on: