Emilio Lozoya jumps to his feet and marches over to a wall cabinet in his 44th floor office at Pemex’s headquarters in Mexico City. “You see this?” the fresh-faced 38-year-old Harvard graduate, asks, holding up a glass vial with a pale liquid inside. “That’s pure gold. It’s as good as it gets.”
Mr Lozoya’s optimism is infectious as he contemplates the high-grade oil sample which he believes is emblematic of Mexico’s future. To ram home the point, he produces an investment bank report which describes the hemisphere as the world’s “new Middle East”. Shale gas production north of the border has already slashed energy costs in the US, setting the stage for a manufacturing resurgence few imagined only five years ago. Mr Lozoya believes the same is possible in Mexico.