Mexico's oil, gas industry open for business: Aldo Flores (Rigzone)

01 / MAY / 2017
Deon Dougherty / Rigzone
Investing in Mexico?s oil and gas sector drives North American market integration and security, Aldo Flores-Quiroga, deputy secretary of energy for hydrocarbons in Mexico, told an opening day Offshore Technology Conference (OTC) crowd.

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.

Mexico's oil, gas industry open for business: Aldo Flores (Rigzone)

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.

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