Mexico’s Oil And Gas Industry Privatization Efforts Nearing Critical Phase

05/10/2018 Forbes

energy - oil barrelsEarlier this year, oil and gas statisticians in Mexico marked a historical first, for on 23 March officials at the National Hydrocarbons Commission (CNH) created a buzz in the market by including “251 million barrels of oil equivalent (boe)” in national reserves discovered by private exploration and production companies operating their own prospection blocks.

While positive, keen-eyed observers were quick to note that Mexico’s headline reserves figure was in the region of 8.5 billion boe, implying that less than 3% of the proven reserves were in private hands. Furthermore, the CNH acknowledged that the reserves position was down 7% on an annualized basis compared to the same month last year.

And if you look purely at crude oil reserves, total privately held reserves are actually around 1%, because Mexico is “still learning to crawl, let alone walk” when it comes to courting the private sector investment needed to boost its standing, according to Carlos Morales-Gil, Chief Executive Officer of PetroBal.

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