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Mexico Oil and Gas Market Size (2024 - 2029)

The Mexican oil and gas market is poised for growth, driven by government support for state-owned hydrocarbon companies and favorable policies in the upstream segment. Despite challenges such as reduced domestic gasoline consumption and limited private investment, the market's expansion is supported by opportunities in onshore shale reserves and increased demand for natural gas and LNG. The government's significant investment in natural gas infrastructure further propels the market, indicating a positive outlook for its market size over the forecast period.

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Market Size of Mexico Oil and Gas Industry

Mexico Oil and Gas - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR < 2.00 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

Mexico Oil & Gas Market Analysis

The Mexican oil and gas market is expected to register a CAGR of 2% during the forecast period (2022-2027). According to Mexico's Secretariat of Energy (SENER) data, due to quarantine rules, domestic gasoline consumption in the country fell by 13.5% in 2020. PEMEX suffered substantial losses and has since declared that the company is open to joint-ventures or farm-outs, something the President AMLO-led government had been skeptical about initially. Government support for state-owned hydrocarbon companies is expected to drive the market during the forecast period. However, the lack of private investments in the country's oil and gas industry is expected to hinder the market's growth during the forecast period.

  • The upstream segment is expected to witness significant growth due to the supportive government policies.
  • Developing the onshore shale reserves in the coastal Gulf of Mexico region is expected to be a significant growth opportunity for the market.
  • The increasing demand for natural gas and LNG in the country has made the government invest heavily in developing new natural gas transmission and storage infrastructure, thus driving the oil and gas market in the country.

Mexico Oil & Gas Industry Segmentation

The scope of the Mexican oil and gas market report includes:

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Mexico Oil and Gas Market Size Summary

The Mexican oil and gas market is poised for growth, driven by supportive government policies and strategic investments in infrastructure. Despite challenges such as a decline in domestic production and the need for increased private investment, the market is expected to benefit from government support for state-owned hydrocarbon companies. The upstream segment, in particular, is anticipated to experience significant expansion due to the development of onshore shale reserves and offshore exploration activities. The Energy Reform of 2014 has been pivotal in transforming the industry, attracting foreign investment and ending the monopoly of PEMEX, the state-owned company. This reform has led to notable developments in both offshore and onshore exploration, with international companies like Lukoil and Eni making significant discoveries.

The midstream sector is also set to grow, fueled by rising domestic natural gas consumption and increased imports from the United States. Investments in new natural gas transmission and storage infrastructure, including LNG facilities, are expected to enhance the sector's capacity. Mexico's strategic geographic location offers potential as an LNG export hub, with projects like Sempra's Energia Costa Azul liquefaction facility underway. The market remains moderately fragmented, with key players such as PEMEX, Royal Dutch Shell, and ExxonMobil Corporation actively participating. These developments, alongside strategic partnerships and investments, are likely to drive the Mexican oil and gas market's growth trajectory in the coming years.

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Mexico Oil and Gas Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Oil and Gas Proven Reserves, 2010-August 2021?

    3. 1.3 Mexico Natural Gas Production and Forecast, till 2027

    4. 1.4 Mexico Crude Oil Production and Forecast, till 2027

    5. 1.5 Mexico Oil and Gas Consumption, 2010-2020

    6. 1.6 Oil Refinery Throughput Capacity and Forecast, till 2027

    7. 1.7 Refined Petroleum Production, Consumption and Sales, till August 2021

    8. 1.8 Petrochemical Production, till August 2021

    9. 1.9 Petroleum Trade Status in Mexico, till August 2021

    10. 1.10 Recent Trends and Developments

    11. 1.11 Government Policies and Regulations

    12. 1.12 Market Dynamics

      1. 1.12.1 Drivers

      2. 1.12.2 Restraints

    13. 1.13 Supply Chain Analysis

    14. 1.14 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Upstream (Exploration and Production)

    2. 2.2 Midstream (Pipeline and LNG Terminals)

    3. 2.3 Downstream (Refineries, Petrochemical, and Retail Distribution)

Mexico Oil and Gas Market Size FAQs

The Mexico Oil and Gas Market is projected to register a CAGR of less than 2% during the forecast period (2024-2029)

Petroleos Mexicanos (Pemex), Royal Dutch Shell PLC, TC Energy Corporation, BP PLC and ExxonMobil Corporation are the major companies operating in the Mexico Oil and Gas Market.

Mexico Oil and Gas Market Report Snapshots

Mexican Oil and Gas Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)