Mexico: North America’s last energy frontier is ready to dance

 Write by: Eduardo Rodriguez Jr.   |     2019-05-07 00:00:00

Just across the border the North America's biggest shale gas basin, Mexico's boom has yet to begin, but recent reforms have Canadian players eyeing the 'virgin market' for opportunity

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In a span of just two years since his 2012 election as Mexican president, Enrique Peña Nieto has swept aside state-owned Petróleos Mexicanos (Pemex) 76-year monopoly over the country’s oil and gas sector with a constitutional amendment and a string of new laws.

“The constitution was passed quickly and the secondary laws were passed with blinding speed, and the regulations are being implemented,” says Jay Park, a Calgary-based lawyer who has been advising Pemex since 2003. “Everybody I know in the Mexican government is working eighteen-hour days to get this done.”

While Mexico and Canada compete to supply heavy oil to U.S. Gulf Coast refineries, some Alberta companies are reportedly eying opportunities across the board in Mexico as North America’s last energy frontier opens up.