The following chart highlights the positive impact in oil and gas production in Brazil and Colombia as a result of enacted energy reforms in each country. While Mexico on the other hand, shows a clear decline in oil and gas production over the last ten years.
Mexico aims to increase production by implementing it historic energy reform that allows for foreign investment by the private sector in the country.
The Ministry of Energy in Mexico has estimated a $100 billion in investment is needed over the next 10 years to develop Mexican shale resources.
The prolific Eagle Ford shale formation in Texas extends south across the border into Mexico’s Burgos Basin and accounts for two-thirds of Mexico’s shale gas resources, which are estimated to reach approximately 600 trillion cubic feet of recoverable shale gas and ranks 6th largest in the world.
Mexico is also estimated to have 13 billion barrels of recoverable shale oil resources and ranks 8th largest in the world. With the development of Eagle Ford in Texas and the ongoing energy reform, many believe that Mexico could replicate the success.
by Redacción Gas Shale México