South of the Border: Mexico Enters Shale Play

While the energy world has been focused on Canadian shale over the past few years, Mexico has been quietly emerging as a major player in the crude oil and natural gas industry.

With the recent passage of massive energy reforms in Mexico, billions of barrels of oil and trillions of cubic feet of natural gas are now available for production in the Burgos Basin, otherwise known as the Eagle Ford Shale.

The reform ended PEMEX’s 75-year monopoly on oil and gas production in Mexico.  Over the past several decades, this monopoly had a stranglehold on the industry, with Mexican oil production hitting a 24-year low last year.  PEMEX originally formed out of nationalist fervor, and over the years became one of the government’s largest sources of income. Unfortunately, the organization became notoriously bureaucratic and corrupt, heralding the necessity for change.

Read the full article at FuelFix.

About "nouveaupro"