BP Plc’s first foray into Mexico’s recently opened energy market is proving more promising than expected, and the government should offer more big projects to lure investment, the British oil major’s Mexico boss said in an interview.
Chris Sladen, country manager for Mexico, said BP expects to grow investment in everything from exploration to retail fuel sales, and looks forward to partnering with state oil company Pemex [PEMX.UL] after losing an early chance for a lucrative tie-up.
Mexico wants to attract major investors to reverse years of declining crude output and rising dependence on U.S. natural gas and fuel imports.
“To turn that ship around, you need a substantial number of large projects,” Sladen said at BP headquarters in Mexico City. “I would encourage Mexico to offer substantial numbers of large projects because that’s what it takes.”