South America / GoM

Mexico flag
Summary | Profile

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
Population: 109,955,400 (July 2008 est.)
Languages: Spanish, various Mayan, Nahuatl, and other regional indigenous languages
Government: federal republic
Capital city: Mexico
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)

Country profile

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

Oil Gas
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.)
Major fields:

Mexico - recent news

29 Mar 21
Mexico: Zama field unitization process continues, led by Mexico's Ministry of Energy
Talos Energy has announced that the unitization process of the Zama field will enter its next phase, as established in Mexican regulation. The Mexican Ministry of Energy ('SENER') is now required to propose finalized terms of a Unitization and Unit Operating Agreement ('UUOA') based on international best practices and considering inputs from the parties.
16 Dec 20
Mexico: BHP selects DNV GL as Verification Body and Classification Society for Trion FPU
DNV GL will verify that the new infrastructure built for the BHP Trion project is compliant with local and global safety, as well as other requirements. The Verification Body and Classification contract specifies DNV GL to participate in design review activities and site surveillance during construction, commissioning, and installation of the floating production unit (FPU).
11 Dec 20
Mexico: McDermott awarded contract by BHP for pre-FEED extension phase for the Trion project semi-submersible FPU
McDermott International has been selected by BHP to perform the pre-FEED extension phase for a Floating Production Unit that could be installed in a water depth of approx. 2,500 meters at the Trion field, located approx. 30 kms south of the U.S./Mexico border and approx. 180 kms from the Mexican coastline.
10 Dec 20
Mexico: Total closes its participation in the Energia Costa Azul LNG export project
Total, Sempra LNG and IEnova have signed binding agreements finalizing Total’s equity investment in the Energia Costa Azul liquefied natural gas export project (ECA LNG), located in Baja California, Mexico.
03 Nov 20
Mexico: Petrofac completes sale of 51% interest in Mexican operations
Petrofac has completed the sale of its remaining 51% interest in its upstream IES operations in Mexico, including Santuario, Magallanes and Arenque, to Perenco. Perenco now owns 100% of the operations in Mexico. This transaction largely completes the Group's programme to dispose of non-core assets.

Mexico - more news

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