Mexico Oil & Gas Review - Mexico Oil & Gas Review 2013

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Under the leadership of a new President and a new CEO of Pemex, the Mexican oil and gas industry entered a new era in 2013. Understanding the state of the industry in this year will be essential to anticipate the strategies that will be employed over the months and years to come. Pemex has been facing the same challenges for close to a decade, since its giant field Cantarell began its decline and the company started diversifying its portfolio of projects in order to boost both reserves and production. Pemex’s production peaked at 3.45 million b/d in December of 2003; the NOC hopes that by the end of Enrique Peña Nieto’s six-year presidential term, it will have brought production back to the 3 million b/d mark, from the 2012 production rate of 2.55 million b/d, while keeping its 1P reserve replacement rate above 100%.
Congress is expected to pass a new energy reform before the end of the year, and Pemex is also expected to undergo an internal restructuring in the next few months. These changes in the oil and gas landscape have the potential to be massively important to the future development of the industry, but it is only by understanding why the need exists for these changes to be made that their importance and success can be properly judged.

Mexico Oil & Gas Review Magazine Description:

Mexico is on its way to becoming one of the world’s most attractive upstream investment destinations as a result of the opening of the hydrocarbons market through the Energy Reform. Over the past year, the first three phases of Round One have overseen the allocation of 30 contractual areas, welcoming into the market many foreign players in addition to detonating a national onshore oil industry, a success achieved despite the low oil prices. At the same time, PEMEX has been transforming its structure and strategy to adjust to both of these new situations and is pursuing new objectives as a productive enterprise of the state. As the Mexican oil and gas industry changes, PEMEX, private operators, suppliers and service providers find themselves at a turning point, where success will depend on their ability to adapt to the workings and needs of an entirely new market, which is still being defined today. Mexico Oil & Gas Review provides readers with an in-depth understanding of the new industry settings, which are key to succeeding in the new environment and leveraging the multitude of emerging opportunities. The topics presented are those that will matter most to the key stakeholders driving the evolution of the industry, making Mexico Oil & Gas Review the ultimate industry reference.