Will Pemex's New Oil Finds Reverse Output Declines?
Partner Carlos Ochoa spoke with Inter-American Dialogue on the recent oil reserve discovery by Pemex and how it will affect the future of Mexico's oil industry. Mr. Ochoa referenced that such exploratory measures have helped to reduce the decline in production in the emblematic Cantarell field, but neither Pemex nor any other authority has confirmed any future for private companies and foreign investors to participate in the activities to come at the newly discovered rigs.
“Similarly, it has been emphasized that Pemex’s operations could start soon to rapidly increase its production, due to the nearby infrastructure that Pemex already has in operation. Provided that the recovery trend on the price per barrels continues, in addition to the current legal framework that allows the participation of private companies in the oil and gas sector, it is estimated that, in two years, the downward trend of national reserves can be reversed. These discoveries confirm the remaining potential of the oil basins in the southeast of Mexico, whose future development, given its proximity to already existing infrastructure, will contribute to Pemex’s production goals in coming years.”