In the next two weeks, Mexico’s lawmakers are expected to release a series of laws, known as the secondary laws that should begin to delineate how the revolutionary energy reforms approved last December will be implemented.
Prior to the reforms, Mexico had the most closed energy regime of any country in the world, save North Korea, some have quipped.
Not only is Mexico close, the opportunity is huge. The country is prospective for 54.6 billion barrels of oil equivalent in conventional resources, and 60.2 billion in unconventional resources.
Mexico’s energy industry had been excluded under Chapter 6 of NAFTA, that exclusion may no longer apply given the reforms.
Breitling and other US energy companies will be keeping a close eye on Mexico as opportunities present themselves in the near future.