Mexico imports record quantities of oil

Mexico imports record quantities of oil

Emilio Fabio Torsello
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Mexico has auctioned contracts worth 41 billion dollars. Eni has invested 1 billion

US refineries are producing oil non-stop for neighboring Mexico. Import numbers released a few hours ago by the Mexican government are approaching 1 million bbl/d (the annual average is 820,000 bbl/d). The demand is driven by the country’s lack of adequate energy infrastructure.
The cost of this delayed development is clear, considering that just ten years ago the situation was exactly the opposite: the United States was importing 1.45 million bpd from Mexico.
Mexican oil imports are vital to the profit margins of the Gulf of Mexico oil sector, which has already been hit hard by the price crisis. Imports may even surpass 1 million bbl/d in 2017, according to some market analysts.
Eni and Enel play a key role in Mexico’s energy sector, along with other Italian businesses in the energy sector such as Saipem. The country’s energy minister Pedro Joaquin Coldwell told il Sole 24 Ore, "Four auctions were held for the sale of deepwater exploration and extraction contracts. Of the ten contracts prepared, eight have been awarded, valued at $41 billion dollars." Of that, Eni will invest $1 billion.