Mexico: More a Gas Than an Oil Country?
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Mexico: More a Gas Than an Oil Country?

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Anmol Motwani By Anmol Motwani | Journalist & Industry Analyst - Wed, 04/26/2023 - 17:55

Among this week’s top stories, PEMEX has continued to retain the government’s support and Héctor Moreira labels Mexico as a gas country rather than an oil. 

Ready for more? Here is your weekly roundup!

PEMEX Retains Financial Support from Government

The NOC has been struggling financially due to declining oil production, high debt levels, and the impact of the COVID-19 pandemic on the global oil market. Therefore, the support comes in the form of a capital injection of $14 billion, which will be used to help reduce its debt, finance its operations, and invest in new projects. 

Rystad Energy Sees Potential in Mexican Energy Market

Rystad Energy, an energy consulting firm suggests that the Mexican energy market has significant potential for growth in the coming years. However, there are challenges to be overcome in order for the country to fully realize its energy market potential.  

BP Starts Production at Agros Platform in Gulf of Mexico

The Argos platform is located in the Gulf of Mexico's Green Canyon area and is expected to produce up to 140,000 barrels of oil equivalent per day. The platform is equipped with advanced technology, including subsea infrastructure and underwater robotics, which is expected to improve its efficiency and safety. 

OPEC Exceeds Production Cut Targets

OPEC and its allies have made ongoing efforts to support oil prices through production cuts, and the challenges that the group faces in balancing the global oil market in the face of the COVID-19 pandemic.

Diesel Market Fuels Recessions Concerns

Diesel prices in Mexico have been increasing steadily in recent months, with prices rising by more than 20% since November 2020. This has had a significant impact on the transportation sector, which is heavily reliant on diesel fuel, and has led to increased costs for businesses and consumers. 

Valero to Store Gasoline, Diesel in Mexico 

Valero Energy Corporation, a US-based oil and gas company, has entered the Mexican fuel market by opening its first branded retail station in Nuevo León. The new station, which is located in the municipality of Santa Catarina, will offer gasoline and diesel fuel under the Valero brand.

Mexico is a Gas Rather Than Oil Country, Says Héctor Moreira 

According to Moreira, Mexico is a "gas rather than an oil country," due to its abundant reserves of natural gas and its proximity to the United States, which is a major producer of the fuel. He noted that Mexico's gas reserves are largely untapped and that there is significant potential to expand the country's gas production and export capabilities.

Mexico Only Has Six Years to Meet Climate Change Goals  

Mexico has set a goal of reducing its greenhouse gas emissions by 22% by 2030, relative to business-as-usual projections. However, the country is currently on track to exceed this target, and it will need to take significant action.  

Photo by:   Olaf, https://pixabay.com/users/2427999-2427999/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=1707388, Pixabay, https://pixabay.com/

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