Market Size of Mexico Oil and Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 2.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
