Mexico Meets The New Reality With Energy Reform

摘要

The decision of the Mexican government to reform its vaunted energy industry is one of the most important developments in the energy sector since the shale revolution, at least for companies in North America. The focal point of Mexico's energy industry has been Petroleos Mexicanos (Pemex), the state-owned oil company that until just a few years ago ranked as one of the world's top crude oil producers. Years of neglect brought about by over-confidence, pride and an inability to work with foreign investors led the company into a steady decline further eroded by a series of deadly incidents, the sudden competition for investments created by the U.S. shale boom, and the overall decline in business activity resulting from the Great Recession. Hence the need to face the reality of a new energy world.