Mexico swims against the tide
Reviving bidding rounds seems the rational answer to the country’s upstream woes. But the government remains defiant for now
Mexico is rapidly becoming a global exploration hotspot. Spanish operator Repsol announced two major new oil discoveries in early May, while in February Italy’s Eni made its own significant find. Private companies operating in Mexico plan to drill half of all Latin American exploration wells this year. But while there is clear interest in the country’s offshore potential, the government’s upstream strategy is puzzling. All bidding rounds for new acreage remain shelved, and Mexican President Andres Lopez Obrador has shown little interest in restarting them, despite the low financial risk for the government and the majority share it will receive from any oil produced. Unlike Brazil, which has
Also in this section
18 April 2024
The Norwegian energy company is concentrating its efforts on specific regions and assets that meet strict cost and carbon criteria
17 April 2024
Uzbekistan and Kazakhstan provide opportunities after Europe turns it back, while also offering another gateway to China
16 April 2024
Commentators need to shake off the myths of the past, with rising oil prices a boon for US economy
15 April 2024
Though hampered by methane concerns, US LNG has a crucial role to play for European and Asian energy security, US economic needs and the energy transition drive