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
|08 Oct 20
||Mexico: McDermott announces shipment of first MODEC FPSO modules for Eni's Area 1 block offshore Mexico
McDermott International has announced the first shipment of topside modules for a floating production storage and offloading (FPSO) unit for MODEC. The FPSO will be located in the Area 1 block, approx. 10 kms off the coast of Mexico in the shallow waters of the Campeche Bay at a water depth of approx. 32 meters.
|03 Sep 20
||Brazil: Dolphin Drilling signs USD83 million contract with PEMEX
Global contractor Dolphin Drilling has signed an US$83 million contract with Petroleos Mexicanos (PEMEX). The deal will see the North Sea drilling pioneer’s Blackford Dolphin rig utilised in Mexico for the duration of the work, which is expected to last around 15 months.
|23 Aug 20
||Mexico: Heerema installs the Pemex Yaxche-C platform offshore Mexico
Heerema has installed Pemex's Yaxche-C jacket and topside in the Bay of Campeche, offshore Mexico, on behalf of client Cotemar S.A de C.V.
|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.
Mexico - more news
Other countries in this region
- Costa Rica,
- Dominican Republic,
- French Guiana,
- Gulf of Mexico,