The second AMEXHI National Oil Convention of experts, authorities, opinion leaders and academics from Mexico and around the world gathered on Tuesday in Mexico City to discuss the opportunities and potential of the New Energy Model and the development of the Mexican oil industry.
Among the key attendees were Pedro Joaquín Coldwell, Minister of Energy, Rogelio Garza, Deputy Minister of Trade and Industry, and Alberto de la Fuente, President of AMEXHI.
Highlights focused on Round One, which resulted in the assignment of 39 contracts and an estimated investment of US$300 million to US$1 billion to come for its development. US$2.5 billion has already been invested for seismic studies in the Gulf of Mexico. Today, there are 59 different companies in the pre-qualification process for Round Two.
De la Fuente pointed out AMEXHI’s commitment, and that of the industry, to follow best practices as the Energy Reform continues to unfold. “Without a doubt this second edition of the Convention confirms the commitment of its members to work following international best practices to the benefit of our country,” he said.
Minister of Energy Coldwell acknowledged AMEXHI’s involvement and commitment to the Mexican oil industry over the years and said the benefits of the work being done is trickling down to the public. “The final beneficiaries of this work will be Mexican consumers who are already starting to feel the benefits of this energy revolution.”
The gathering agreed that the future of the New Mexican Energy Model relies on two key points: regulation and investment. Establishing a proper and strong regulatory architecture that can sustain the development of the new model, warranty security and efficiency of operations are all required, while at the same time bottlenecks must be removed.
Ali Al-Saffar, Energy Analyst at the International Energy Agency, pegged the country’s investment requirements at approximately US$640 billion during the next 24 years. With an investment of that size, Mexico could potentially reach production of around 2.4 to 3.4 million barrels of crude oil and condensates per day.
The convention delegates agreed that Mexico has great potential to grow economically, increase the number of jobs and diversify energy demand while ensuring Mexican security on energy.
Among the next big events for the energy and oil and gas industries is the Mexico Oil & Gas Summit 2017, which takes place on July 18 and 19. The potential of the Mexican oil and gas industry and the inherent challenges will be central themes as key decision-makers detail their insights. Be sure to take part by clicking here.