Mexican Firm Pemex Recognises Need to Attract Foreign Subsea Talent

12 November 2012

In a recent visit to Aberdeen, Pemex Business Development VP Sergio Guaso said that Mexico was looking to attract foreign business investment in its oil and gas sector, by adapting its economic policy to make it easier for businesses to get involved.

Pemex has commented that currently Mexico lacked any deepwater subsea infrastructure, but it was keen to develop its deepwater reserves, estimated at around 27 billion barrels.

Mexico has recognised the need to stay competitive in worldwide oil and gas production - having seen its Cantarell field, one of the largest in the world, fall into decline - and has taken steps to boost production; increasing investment in exploration and bringing in foreign companies (such as Petrofac and Schlumberger) to revitalise brownfield developments.

Worth around £3.6 million barrels of oil per day, Pemex is the world's fourth largest oil producer. Mr Guaso said "The petroleum contractual and fiscal framework remains rigid and limited compared to others worldwide, even though Mexico is an open economy. Pemex's primary objective is to create the conditions to bring in international capabilities to Mexico for a set of different opportunities, which represent different technological and management challenges."

Pemex is also looking at bringing in foreign companies to help develop a major onshore shale play, called Chicontepec.

>> view Pemex's integrated EP contracts - Chicontepec