Mexico & U.S. Partners? Back to Blog
Mexico has recently moved to end the country’s 75-year-old monopoly on oil and gas production, potentially opening up some of the world’s biggest remaining untapped oil reserves to private companies and setting the stage for a new energy boom on the US doorstep. Its government is debating a change in the constitution to let it partner with private companies, presumably many in the United States, to find and produce oil and gas in a country that is the third biggest supplier of crude to the US and has the world’s fourth biggest reserves of shale gas. State oil monopoly Petroleos Mexicanos (Pemex), the sole producer of oil and gas in Mexico, now pays foreign companies to drill wells and provide other services. But that model has led oil production to plummet in recent years. U.S. oil companies would especially love a crack at what is believed vast hydrocarbon resources along the Texas border which might emulate recent south Texas finds. Should this tremendous opportunity arise, we at wellreports.com will do everything to report on it and possibly expand our regional publication of drilling permits.