Mexico is set to open its energy market to direct foreign investment for the first time in more than 70 years. Delegates from a Mexican oil and gas industry trade group will be in Louisiana next week to talk about how local oil and gas companies can cash in on the shifting business climate.
Mauricio Garcia Palacios, president of the Association of Southeastern Mexico Oil Companies, will lead a delegation of Mexico oil and gas industry leaders in a series of seminars highlighting changes in that nation’s energy policy and “tremendous new opportunities” for Louisiana businesses in the country, according to a statement from the U.S. Export Assistance Center in New Orleans.
The group will make its first stop on Thursday, Oct. 2 at the Louisiana Immersive Technologies Enterprise facility in Lafayette. A second seminar will be held at the Port of New Orleans on Friday, Oct. 3.
Those interested in attending the New Orleans event can contact Brittany Banta at firstname.lastname@example.org or (504) 589-6702 for more information.
Late last year, Mexico’s Congress voted to end the monopoly of the state-owned oil firm Petroleos Mexicanos, or Pemex, allowing the foreign oil industry to return to the market for the first time since 1938.
Previously, companies were forced to partner with Pemex on all oil and gas projects in the country. New rules signed by Mexico President Enrique Pena Nieto on Aug. 11 allow foreign companies to enter into profit- and production-sharing contracts of their own among other changes.
The U.S. Energy Information Administration estimates the changes will boost Mexico’s oil and gas production from around 3 million barrels per day to close to 4 million barrels per day by 2040. The agency had previously forecast a steady decline in the country’s oil and gas production.
The Louisiana seminars will cover a range of topics, including new regulations for exploration and production in Mexico, projects planned by Pemex through 2018, and the accounting and tax impact of the new rules.