AMLO is now officially Mexico’s 58th president and the industry awaits anxiously for the new government to reveal its plans and priorities for the next years. The new government has already made the development of a new refinery in Paraiso, Tabasco a priority for PEMEX, but what else will it have in store for both national and international players after the Energy Reform?
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New Faces in the Ministry of Energy
Rocio Nahle, incoming Minister of Energy has announced who will be part of her team at SENER. Here is the breakdown:
- Rocío Nahle – Minister of Energy
- Alberto Montoya Martín Del Campo – Undersecretary of Energy
- Miguel Ángel Maciel Torres – Undersecretary of Hydrocarbons
- Francisco J. Carrillo Soberón- Undersecretary of Electricity
- Luis Abelardo González Quijano – Undersecretary of Renewable Energy
- Jenny Vera Burgos – Chief Officer
- Eduardo B. Arroyo Hinojosa – Ministry Office Director
- Alejandro Morales Becerra – Legal Director
- Gilberto Ramírez Jácome – Director of Human Resources
- Alejandro Castillo Morales – Director of Programming and Budgeting
The Status of Mexico’s Oil and Gas Industry
It was a good week for PEMEX as its largest deposit in 25 years, Ixachi, has reported to have more than a 10 percent probability of commercial success and has an equivalent to over 1.3 billion barrels of crude oil available.
Mexico has benefited greatly from the rounds according to Pedro Joaquín Coldwell. Through 107 contracts, 74 operators and 9 rounds tendered by CNH, more than US$938 million have been invested. After the perforation of 17 exploratory wells, over 5.5 billion barrels of crude oil have been discovered.
Special Economic Zones are up and ready to receive investment. In terms of infrastructure, Coatzacoalcos is the best prepared to bring in investment from the oil and gas industry.
PEMEX would have to reassign funds for the new refinery due to its high debt levels says incoming Deputy Finance Minister Arturo Hererra.
Mexico ranks 52 of 80 in the Fraser Institute’s ranking in oil and gas investment attractiveness. Last year it occupied the 77th spot of 97 and in Latin America is above Colombia, Peru and Bolivia but remains below Brazil, Trinidad & Tobago and Guyana.