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Foreign oil and gas companies invest US $ 500 million in Mexico

Foreign oil and gas companies invested 500 million dollars in extraction in Mexico in 2020, a fall of 45.9% at the annual rate.

Although the Administration of President Andrés Manuel López Obrador has indicated that it will respect the current legal framework of the energy reform, it has enacted a series of regulatory changes that have negatively impacted private sector participants, particularly in the midstream and downstream sectors, in benefit of the parastatal Pemex.

In 2019, the government began the construction of a new refinery in the Port of Dos Bocas, in the state of Tabasco, with an investment of 8,000 million dollars.

Investments in the sector by foreign companies have seen ups and downs.

In 2014 they were for 260 million dollars, the following year they added 927 million and in 2016 they fell to 206 million.

Several private sector oil and gas contractors that received contracts for land, shallow water and deep water projects from 2015 to 2018 expect to begin implementing their investment plans in 2021.

After receiving Foreign Direct Investment (FDI) in the extraction of oil and gas for 444 million dollars in 2017, the flows increased to 835 million in 2018 and 925 million in 2019.

Oil and gas

On October 28, 2020, the Ministry of Energy, in coordination with the National Hydrocarbons Commission, approved the Five-Year Bid Plan for the Exploration and Extraction of Hydrocarbons 2020-2024.

The Five-Year Plan identifies a total of 155,322 square kilometers of hydrocarbon exploration and extraction areas that are available for contractual bidding and includes total prospective resources of 12,645 million barrels of oil equivalent, excluding resources that have already been awarded to Pemex and other exploration activities and extraction contracts.

According to the US government, private sector oil and gas contractors that partner with Pemex on farmouts (production-sharing contracts) have faced difficulties, including delays in payments from contractors and suppliers involved in improving infrastructure of Pemex.

 

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