After 80 years of one company in Mexico being responsible for all exploration and production (E&P), infrastructure, retail and any other oil and gas related enterprise, there are now dozens of foreign companies engaged. During the first bidding round last year, about $70 billion was offered in potential investment.
Aldo Flores Quiroga
“The Mexico opportunity has been very well-received,” Flores-Quiroga said.
In March, BP opened the first foreign-owned gas station in Mexico City. The lines are a mile long, he said.
“People are willing to try what’s different,” Flores-Quiroga said. “That’s a signal for further investment.”
And at the end of the year, the country will try to expand on its market appeal to foreigners. In the first auction of the new 5-Year Plan, 509 offshore blocks across – including 119 located in deepwater – spread across 82 production fields in the Gulf of Mexico will be offered up. The specific blocks will be announced in June.