Mexico’s oil exports decreased 34.8% in 2020

Mexico‘s crude oil exports decreased 34.8% year-on-year in 2020, to $ 14.613 billion.

In Mexico, the Hydrocarbons Law and the Hydrocarbons Revenue Law regulate activities that range from exploration, extraction and refining to the distribution, storage, sale and commercialization of hydrocarbons and allow Mexican and non-Mexican investors to participate in the bidding process. for the exploration, production and transportation of oil and gas.

In essence, these laws allow the Government to assign oil and gas exploration and extraction activities to private oil and gas companies, in addition to Pemex, which was reorganized into a productive state entity through the constitutional energy reform approved in 2013.

Also in 2019, at a year-on-year rate, Mexico recorded another drop in its oil exports, of 15.6 percent.

Another comparison is that Mexico’s oil exports averaged $ 20,606 million in the previous five-year period, from 2015 to 2019.

Oil exports

In the immediate context, on October 28, 2020, the Ministry of Energy (Sener), in coordination with the National Hydrocarbons Commission, approved the Five-Year Tender Plan for the Exploration and Extraction of Hydrocarbons 2020-2024, or Five-Year Plan.

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.

Later, on December 26, 2020, the Sener published in the Official Gazette of the Federation a new regulation regarding the permitting process involved in the import and export of fuels and nuclear materials in Mexico.

The regulation aims to combat tax evasion, customs fraud and hydrocarbon smuggling and adapt to the current flow of international trade.