Mexico has historically had some of the tightest controls on oil in the world, completely closing off the industry to any private company. In fact it is written in the Mexican constitution that all oil belongs to the state run Petroleos Mexicanos company meaning that even if you were a land owning farmer in Mexico, any oil found on your property belongs to Petroleos Mexicanos. This has lead to a stagnant growth in the oil industry.
Mexican President Enrique Pena Nieto is looking to change the way the oil industry is being run by leading an effort to amend the Mexican Constitution in order to allow for private investment into Mexican oil, an amendment which is expected to be passed by the congress by the end of the year. This will allow for larger companies like Exxon Mobil and Petro China to begin investing into refineries and the exploration of untapped oil. It will also allow for land owners to be compensated by these private companies, large and small alike.
Once these changes are put into effect, there will be an expected boom in Mexico as new investment and job opportunities will come pouring into the country. Estimates have been made about the oil Mexico has potentially untapped under the ground at an excess of forty-five billion barrels. With so many riches in the natural resource, Mexico is primed for an economic rocket launch once the political changes are made for private investment.
Don’t miss out on an opportunity to cash in on the coming Mexican oil boom, check out our Spanish language packages and make yourself an asset to any company looking to do business in Mexico. With so many positive economic steps being taken among all of the world’s emerging economies, there is real opportunity for those enterprising individuals looking globally.