The Pemex headquarters in Mexico City. Photo: Matthew Rutledge/Flickr
Optimism for Mexico’s energy sector amid challenging global scenario
Mexico is set to receive some $7 billion in investment in the energy sector, the country’s Energy Minister Pedro Joaquín Coldwell said during his inaugural speech of the Energy Mexico 2016 Expo.
“We are also currently carrying out the country’s largest gas duct expansion project with a $14 billion investment,” he added.
During the event, several CEOs and business leaders from the sector expressed their optimism about Mexico’s recently reformed energy sector. “Mexico has the benefit of learning from the experience of other countries, and that allows it to continue improving. What we can highlight up to now is the flexibility and certainty in handling the process, which allows for long-term planning,” said Ivan Sandrea, President of Sierra Oil & Gas, a company that along with Talos Energy and Premier Oil, won the two first blocks auctioned by the government.
However, foreign investment in the sector will only be successful if foreign companies have a local partner with knowledge of Mexico’s new energy market, said Michael Polsky, President of Chicago-based Invenergy.
Optimism amid falling oil prices
Energy companies have shown confidence in Mexico, despite the current global oil price drop, said Mexico’s Secretary of Finance Luis Videgaray during his keynote speech. Proof of this, he added, was the successful round of bids for 25 onshore …
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