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Figure 17: Mexican Oil Production and Reserves 4500 4000 3500 3000 2500 2000 1500 1000 500 0 60.0 50.0 40.0 30.0 20.0 10.0 0.0 "oil reserves" "oil production" Source: BP energy statistics In 2008, the government proposed a series of reforms aimed at increasing investments in upstream activities. In 2011, the first bidding round of “incentive projects” was offered——with lukewarm results. Political parties PAN and PRI seem to agree on the need to open further upstream activities to private capital, but two reforms are necessary if Mexico is to become a preferred upstream destination again. First, the Mexican economy must end its “oil rent addiction” by ensuring that its expenses can be covered through taxes on income generated by overall economic activities. PEMEX should be taxed as any normal petroleum company. This would force the company to manage its budget more rationally and provide performance indicators that can be benchmarked against peers. Second, Mexico should allow private companies to invest in oil exploration and production through a simple tax and royalty concession model. Constitutional limitations currently prevent this, but perhaps it is time for Mexicans to address constitutional reform. After all, constitutions are living documents that need to reflect the political aspirations and desires of society. All reforms proposed by Mexican legislators now occur at the margin of “what is possible under the Constitution.” With a more flexible petroleum model, Mexico could expect a boom in hydrocarbon investments. Its proximity to the United States, its vast oil and natural gas reserve potential, its legal framework offering investors the necessary tools to protect their activities, and the presence of an experienced work force should make Mexico the preferred destination for any oil company. 18 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 oil production thousand b/d oil reserves billion barrels (year)PDF Image | Infrastructure and Environment Department
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