South America / GoM
Country profile: Mexico
|Location:||Middle America, bordering the Caribbean Sea and the Gulf of Mexico, between Belize and the US and bordering the North Pacific Ocean, between Guatemala and the US|
|Climate:||varies from tropical to desert|
|Terrain:||high, rugged mountains; low coastal plains; high plateaus; desert|
|Size:||1972550 sq. km total (Land area: 1923040 sq. km Water area: 49510 sq.km)|
|Population:||109,955,400 (July 2008 est.)|
|Languages:||Spanish, various Mayan, Nahuatl, and other regional indigenous languages|
|Legal system:||mixture of US constitutional theory and civil law system; judicial review of legislative acts; accepts compulsory ICJ jurisdiction with reservations|
|Currency:||Mexican peso (MXN)|
In 2006, Mexico was the sixth-largest oil producer in the world, and the second largest in the Western Hemisphere (behind the United States). State-owned Petroleos Mexicanos (Pemex) holds a monopoly on oil production in the country and is one of the largest oil companies in the world. However, oil production in the country has begun to decrease, as production at the giant Cantarell field declines. The oil sector is a crucial component of Mexico’s economy: while its relative importance to the general Mexican economy has declined, the oil sector still generates over 10 percent of the country’s export earnings. More importantly, the government relies upon earnings from the oil industry (including taxes and direct payments from Pemex) for one-third of total government revenues.
Therefore, any decline in production at Pemex has a direct effect upon the country’s overall fiscal balance. Mexico’s total energy consumption in 2005 consisted mostly of oil (59 percent), followed by natural gas (27 percent). All other fuel types contribute smaller amounts to Mexico’s overall energy mix. Natural gas is increasingly replacing oil as a feedstock in power generation, due in part to the high level of world oil prices. However, Mexico is a net importer of natural gas, so higher levels of natural gas consumption will depend upon increased domestic production or imports from either the United States or via liquefied natural gas (LNG).
Energy production and consumption
|Production:||3 million bbl/day (2005 est.)||41 billion cu m (2005 est.)|
|Consumption:||2 million bbl/day (2005 est.)||47 billion cu m (2005 est.)|
|Exports:||2 million bbl/day (2004 est.)||282 million cu m (2005 est.)|
|Imports:||308,500 bbl/day (2004 est.)||9 billion cu m (2005 est.)|
|Reserves:||14 billion bbl (2007 est.)||434 billion cu m (1 January 2006 est.)|
Mexico - recent news
|10 Jul 20
||Mexico: Talos Energy receives official instruction to unitize the Zama field
Talos Energy has received a notice from Mexico's Ministry of Energy instructing the partners of Block 7 and Pemex to unitize the Zama field. Talos is the operator of Block 7 in a partnership with Wintershall Dea and Premier Oil.
|09 Jul 20
||Mexico: Jaguar selects Emerson to enhance onshore exploration and production program
Emerson has announced that Jaguar Exploracion y Produccion, an independent oil and gas company based in Mexico City, will use its exploration and production software and services to maximize the potential of Jaguar’s onshore assets and projects.
|06 May 20
||Mexico: Qatar Petroleum farms into three Total blocks offshore Mexico
Qatar Petroleum has entered into three farm-in agreements to acquire about 30% of Total’s participating interest in Blocks 15, 33 and 34 located in the Campeche basin, offshore Mexico.
|05 May 20
||Mexico: Eni's Ehecatl-1 exploration well on Block 7 disappoints
JV partner Cairn Energy reports that operations have been completed on the Eni operated Ehecatl-1 exploration well on Block 7, located in the Sureste Basin Offshore Mexico. The well failed to encounter hydrocarbons and has been permanently plugged and abandoned.
|05 May 20
||Mexico: Wintershall Dea announces two significant oil discoveries offshore Mexico
Wintershall Dea and its license partners have made significant oil discoveries on the Polok and the Chinwol prospects in Block 29 offshore Mexico. Polok is a play opening discovery within the Early Miocene reservoir of the Salina Basin (part of the Sureste Basin), whereas Chinwol encountered oil in formations of the Pliocene.
Mexico - more news
Other countries in this region
- Costa Rica,
- Dominican Republic,
- French Guiana,
- Gulf of Mexico,