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Mexico’s Energy Reforms: What do they mean for Canada?

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Mexico’s Energy Reforms: What do they mean for Canada?

Published: January 23, 2014

Mexico is the world’s 10th largest oil producer and has some of the largest reserves in the Western Hemisphere.  However, most of the easy-to-access reserves have been consumed and the country’s state oil company, Pemex, which has had a constitutionally-mandated monopoly over oil production, refining and commercialization, lacks the funds and technology needed to exploit harder-to-get deep-water oil and shale gas reserves.

This situation has forced Mexico to revise its constitution and energy sector regulations to allow private companies, possibly including foreign ones, into that industry. Canadian oil producers and service companies are moving into pole position for this new horizon, with help from the Canadian government. However, these reforms down South have much wider implications for Canada’s oil trade and domestic energy industries.

Authors: Jorge Madrazo and Pablo Heidrich

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