Mexico invites Malaysian companies to bid for oil/gas blocks – The Malaysian Insider

Malaysian oil and gas (O&G) and energy companies have been urged to tap into the vast opportunities in Mexico which has recently opened its O&G and electric industries to private and foreign investors after over 70 years of state control.

Mexico’s Ambassador to Malaysia Carlos Felix Corona said the energy reform allowed foreign direct investment and profit-sharing in Mexico’s O&G exploration, refinement, production, transportation and storage, which until recently was the monopoly of state-owned Petróleos Mexicanos (Pemex).

He said Mexico invites foreign bids for O&G blocks from deep waters to mature fields and non-conventional reserves such as shale gas production from January 2015.

The Mexican government has identified 109 blocks for the first round of bids and expects investments of around US$50 billion (RM159 billion) over the next four years, including partnerships with Pemex.

Corona said the embassy had been in conversation with potential Malaysian companies, including Petronas, over the bids.

“This is a very good chance for Malaysian industry players who have expertise in these areas,” he said.

Corona said the bilateral trade between Malaysia and Mexico is very important as Malaysia is our main partner in Southeast Asia.

The two-way trade between Malaysia and Mexico hit US$5.55 billion (RM17.6 billion) in 2013, while in first quarter of 2014, the volume stood at US$1.388 billion (RM4.4 billion).

Mexico exports electrical and electronic equipment, machinery, nuclear reactors, and precious metal to Malaysia and imports rubber, plastics, wood, copper, and chemical products from Malaysia. – Bernama, September 7, 2014.

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