Mexico

Mexico has a long and rich history in the oil and gas industry, in 1938 it nationalized its oil sector and created Petrole√≥s Mexicanos (PEMEX) as the sole operator in the country. In December 2013, in an effort to address the declines of its domestic oil production, the Mexican government enacted constitutional reforms that ended the 75-year monopoly of PEMEX, the state-owned oil company. The reforms allow for new exploration and production contract models: licenses, production-sharing, profit-sharing, and service contracts. Most of Mexico’s oil production occurs off the eastern coast of the Bay of Campeche in the Gulf of Mexico, near the states of Veracruz, Tabasco, and Campeche. Currently, earnings from the oil industry (to include taxes and direct payments from PEMEX), account for one-third of total government spending.

 

Quick Facts

 

oil-barrel

Fourth-largest producer of petroleum and other liquids in the Western Hemisphere after the United States, Canada, and Brazil.

45 percent of Mexico’s total energy consumption in 2014 consisted mostly of petroleum.

Mexico produced an average of 2.8 million barrels per day (b/d) of petroleum and other liquids during 2014. Crude oil accounted for 2.4 million b/d, or 87% of total output.

 

natural-gas

40 percent of Mexico’s total energy consumption in 2014 consisted mostly of natural gas.

According to the Oil & Gas Journal, Mexico had 17 trillion cubic feet (Tcf) of proved natural gas reserves at year-end 2014.

According to the EIA’s assessment of world shale gas resources, Mexico has an estimated 545 Tcf of technically recoverable shale gas resources –¬†the sixth largest of any country examined in the study.

 

electricty

Power plants using fossil fuels provide 78% of Mexico’s electricity capacity and generation.

 

imports-exports

In 2014, Mexico accounted for 781,000 b/d, or 11% of U.S. crude oil imports.