Private investment is growing in Mexico's oil and gas sector, despite nationalisation policies.
Pemex's plans to boost offshore oil production, coupled with Eni's optimistic outlook on the region, indicate a positive future for Mexico's energy industry.Mexico still has a strong potential for oil and gas despite faltering due to nationalisation policies and a poor health and safety record in recent years.
The combination of new private investment and increasing condensate production has helped Mexico to reverse the downward trend in oil production that started in 2004. The country’s oil output rose to almost , similar to pre-pandemic levels. Production is expected to average around 1.93 million bpd this year and 1.91 million bpd in 2024. The country’s energy regular CNH reported that natural gas output for 2022 totalled 4.07Bf3/d, while Pemex said it was closer to 4.68Bf3/d.
The successes of 2022 demonstrated that Mexico still has significant oil potential at a time when the U.S. and other world powers are looking to ensure their energy security while also striving for an ultimate green transition. Some of Mexico’s biggest producing fields have been around for decades, such as the Maloob, Zaap and Balam oil fields. But there is also hope for .
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