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Agathe Vigne returns with some thoughts on recent reports of new deepwater petroleum reserve discoveries in Mexico.

In its last energy security report, the U.S. Chamber of Commerce pointed to Mexico as the most energy-secure country in the OECD.  The writers of the report underscored various factors reinforcing the country’s energy security: the existence of large shale resources in the north of the country, recent deepwater discoveries and low energy expenditures and carbon emissions per capita.

The report highlights the importance of Mexico as the world’s seventh largest oil producer (according to the OECD), and to the country’s efforts to support the development of alternative energies.

The context is very favorable for Mexico’s O&G sector. Indeed, President Felipe Calderon announced the discovery of two new deepwater fields: Trion I (est. 250 – 400 mn barrels) and Supremus I (est. 75 – 175 mn barrels), both drilled in the Perdido fold belt area. In parallel, the exploitation of mature fields and shale gas reserves should help compensate for the declining production of the country’s principal oil field, Cantarell.

Nevertheless, the U.S. Chamber of Commerce’s report is not as positive for Mexico as it might seem.  The report states that “Mexico’s energy security risks…are worsening at a faster rate than for the OECD as a whole.  As a result, Mexico’s advantages are shrinking: From a 1980 score 34% better than the OECD average, Mexico’s score in 2010 was just 14% better.”  Apart from Cantarell’s sharp production decline, the report cites factors threatening Mexico’s energy security, such as the need to import natural gas and coal, political choices favoring thermal power and increased per capita consumption.

Tags: Cantarell, deepwater reserves, Gulf of Mexico, Mexico oil reserves, oil & gas, Pemex, petroleum