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How Shale Helped Frack Mexico's Energy Impasse
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Denning points out the shift in Mexico to becoming a net oil importer from the U.S. by August 2013, that put new urgency to the passage of the oil law in Mexico for attracting foreign investment. Mexico's exports of crude oil were about 0.9 million barrels a day in August 2013. U.S. refinery products imported by Mexico including gasoline on an oil equivalent basis were 0.8 million barrels a day. Mexico became a net importer of energy in March 2013. Another negative factor in the energy trade between Mexico and the U.S. is increasing U.S. oil production and refineries in the coast of the Gulf of Mexico being full. As this U.S. production increases Mexico would have to offer competitive discounts in the future. Pemex drillled in all 25 deepwater wells in the last decade, according to Sanford Bernstein. The U.S. in the same period drilled 1500 ultra-deep water wells alone, showing the urgent need for foreign investment in the Mexican oil industry.
Mexico's shift to becoming a net oil importer in March 2013 and the new oil law to attract foreign investment
12/12/2013
With global investment in U.S. oil and shale development, experts say Mexico's oil law will only remove the first impediment to foreign inestment in the Mexican oil industry. The urgency for the legislation comes at a time when Mexico's oil exports dropped from 1.37 million barrels a day to 0.9 million barrels a day by August 2013. As Mexico also imports products from U.S. oil refineries of 0.8 million barrels a day, Mexico was nearly a net oil importer by August 2013.
Grouped Articles
How Shale Helped Frack Mexico's Energy Impasse
Wall Street Journal 12/12/2013
Mexico Congress Passes Historic Energy Bill
Wall Street Journal 12/13/2013
Wall Street Journal 12/13/2013
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Mexico's oil law and the limited foreign investment in the oil industry
10/01/2012
Efforts by the Pena Nieto administration to change the oil law from the period of nationalization in 1938 which limits foreign investment in the oil industry. Mexico needs foreign investment to increase oil exploration and production.
Grouped Articles
Mexico's Leader Tackles Historic Oil Law
Wall Street Journal 08/02/2013
Mexico Moves to Overhaul Oil Industry
Wall Street Journal 08/13/2013
Mexican president proposes historic changes to state-owned Pemex oil monopoly - The Washington Post
Washington Post 08/13/2013
Mexico Pitches Oil Sector Overhaul to Skeptical Audiences
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Traveling on the Road to Mexico's Oil Revival
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How Mexico Ended Political Gridlock
Wall Street Journal 08/15/2013
Mexico's oil industry under the administration of president Nieto
05/09/2013
Grouped Articles
To power Mexico forward, Peña Nieto looks to energy reform - The Washington Post
Washington Post 05/09/2013
Mexico's Leader Tackles Historic Oil Law
Wall Street Journal 08/02/2013
Mexico Moves to Overhaul Oil Industry
Wall Street Journal 08/13/2013
Mexican president proposes historic changes to state-owned Pemex oil monopoly - The Washington Post
Washington Post 08/13/2013
Mexican oil workers fear Pemex proposal - The Washington Post
Washington Post 08/15/2013
Mexico Pitches Oil Sector Overhaul to Skeptical Audiences
Wall Street Journal 08/14/2013
Mexico's changes to its constitution and oil law that allow foreign oil companies to compete with Pemex in 2013
10/01/2012
The PAN party tried repeatedly to make the changes to the constitution for the last decade to open up the oil industry to major oil companies but failed to win the support of the PRI party for a two thirds majority in Congress. In a historic vote the PRI and PAN parties join to make the changes in 2013. Mexico could become a net oil importer by 2020 if production remains stuck at 2.5 million barrels a day, say experts. Western oil companies knowhow and investment is sorely needed to expand production. Mexico is able to invest only
Grouped Articles
Mexico Energy Bill to End Pemex's Monopoly on Oil
Wall Street Journal 12/08/2013
Senators Pass Mexico Oil Plan as Snag Arises
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How Shale Helped Frack Mexico's Energy Impasse
Wall Street Journal 12/12/2013
Mexico Congress Passes Historic Energy Bill
Wall Street Journal 12/13/2013
Wall Street Journal 12/13/2013
Pemex CEO: Mexican Energy Overhaul Opens Opportunity
Wall Street Journal 12/14/2013
Mexico's Pemex and decline in output from the Cantarell Oil Field
02/09/2006
Grouped Articles
To power Mexico forward, Peña Nieto looks to energy reform - The Washington Post
Washington Post 05/09/2013
Mexico's Leader Tackles Historic Oil Law
Wall Street Journal 08/02/2013
Mexico Moves to Overhaul Oil Industry
Wall Street Journal 08/13/2013
Mexican president proposes historic changes to state-owned Pemex oil monopoly - The Washington Post
Washington Post 08/13/2013
Mexican oil workers fear Pemex proposal - The Washington Post
Washington Post 08/15/2013
Mexico Pitches Oil Sector Overhaul to Skeptical Audiences
Wall Street Journal 08/14/2013
U.S.-Mexico oil drilling agreement for deep waters on maritime border
02/21/2012
The agreement makes it easier for Pemex to drill int he deep water of the Gulf. Pemex has seen oil production decline from older wells over the years and badly needs to find more oil. The agreement also provides for safer drilling in waters going down to 11,000 feet after the BP Horizon oil spill. Mexico is keen on repeating the success of Brazil in deep water oil exploration.
Grouped Articles
To power Mexico forward, Peña Nieto looks to energy reform - The Washington Post
Washington Post 05/09/2013
Mexico Moves to Overhaul Oil Industry
Wall Street Journal 08/13/2013
Mexican president proposes historic changes to state-owned Pemex oil monopoly - The Washington Post
Washington Post 08/13/2013
How Shale Helped Frack Mexico's Energy Impasse
Wall Street Journal 12/12/2013
Mexico’s State-Owned Oil Giant, Pemex, Is in Uncharted Waters
New York Times 10/28/2014
U.S., Mexico Sign Deal on Oil Drilling in Gulf
Wall Street Journal 02/21/2012
Reform at Pemex and opening up Mexico's oil industry to foreign investment held up for a decade and the cost to the Mexican economy
12/19/2007
Reforms at Pemex and opening up the oil industry to foreign investment were held up in the Calderon administration after repeated efforts by the PAN party government to get the PRI and PRD's support. The final changes to the bill to make it more attractive for foreign oil companies to compete with Pemex were pushed by PAN in alliance with the PRI Nieto administration in 2013. The cost to Mexico is a lost decade in oil exploration in deep waters of the Gulf of Mexico, and a steep decline in oil revenues as Mexico turned into a net energy importer in March 2013, according to the WSJ.
Linked Articles
Economist 12/19/2007
How Shale Helped Frack Mexico's Energy Impasse
Wall Street Journal 12/12/2013
An internal 2006 Pemex report showing a sharp decline in production, and the situation in 2013 with Mexico a net energy importer in March 2013
08/02/2006
Mexico's oil law comes as the nation faced a crisis in declining oil production since 2006. Efforts by the newly elected PAN party Calderon administration in that year and throughout its term in office failed to open up the oil industry to foreign investment, as the PRI and the PRD opposition parties opposed this. A two thirds majority in Congress was needed to change the constitution allowing foreign oil companies to compete with state owned Pemex. The increasing oil production from shale in the U.S. and Canada has increased the urgency, and the potential in deep waters off Mexico for which Pemex needs the technology of foreign oil companies has added to this.
Linked Articles
How Shale Helped Frack Mexico's Energy Impasse
Wall Street Journal 12/12/2013
Mexico's Biggest Oil Field Sees Decline
Wall Street Journal 08/02/2006
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