Energy Reform Accumulates US$66.5 Billion in Investments

Approved investment in exploration, evaluation, and development plans in Mexico since the approval of the Energy Reform in 2013 has totaled US$66.561 billion as of May 2024, according to CNH. Data from the Hydrocarbons Information System (SIH) portal shows that the largest approved investments are concentrated in rounds 2.4 and 1.4, focused on deep waters.

The commission also reported that the bulk of investments in exploration, evaluation, and development of the licensed blocks from the three rounds conducted during the previous administration will occur beyond 2025, amounting to a total of US$30.7 billion. As of May, the company with the highest committed investment in the country is Woodside Energy, investing US$10.865 billion in the Trion field. In second place is PEMEX Exploración y Producción (PEP), with US$10.096 billion invested in the Ek Balam fields, followed by Eni with committed investments totaling US$9.438 billion, ahead of Fieldwood Energy and Petrobal with an investment of US$9.027 billion in the Ixachi and Pokoch fields.

Private participation has yielded benefits in terms of new discoveries and increased oil production. Most recently, Eni announced on July 8 a new discovery at Block 9 through the Yopaat-1EXP exploratory well, with an estimated potential of 300 to 400MMboe. The block is part of a 50-50 partnership between the Italian operator and Repsol. The site is approximately 63Km off the coast, in the mid-depth waters of the Salina Basin within the Southeastern Basin. Another recent project involves an investment of approximately?US$840 million in the Lakach gas field, located in the deep waters of the Gulf of Mexico. This project would be a collaboration between Grupo Carso and PEMEX.