Mexican energy sector reform and prospects for North America Presentation by Jeffrey Phillips Project Director and Energy Lead – Dawson

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Presentation transcript:

Mexican energy sector reform and prospects for North America Presentation by Jeffrey Phillips Project Director and Energy Lead – Dawson CSG/CSG West 2014 Conference August 9, 2014

Review of energy reforms Opportunities and challenges Fundamental changes in Mexican energy supply have potential to solidify a North American energy bloc Overview

Highlights of Reforms Reforms open up hydrocarbons and electricity sectors to private investment End 75-year monopoly of state-owned Petróleos Mexicanos (PEMEX) PEMEX transformed into “State Productive Enterprise” Increased capacity for independent regulators

Highlights of Secondary Legislation Budgetary autonomy for independent regulators Local content requirements  palatable to foreign investors PEMEX to have more financial and operational freedom

The reforms have moved quickly

Benefits for Mexico Influx of foreign capital and technology to unlock undeveloped reserves Continued source of revenue for the state Mexican government expects: jobs, GDP rise, lower electricity costs

The need for reform is clear

Optimism for Mexico “Mexico is finally beginning to unlock its true potential as an economic powerhouse.” - Larry Fink, Chairman and CEO of BlackRock (July 2014) “...Mexico clearly witnessed a miracle of political productivity…” - General David H. Petraeus, Chairman of KKR Global Institute (July 2014) Sources: Market Realist (2014) and Houston Chronicle (2014)

Opportunities for the United States and Canada US/Can companies can bring technology and capital Regulatory cooperation and lessons learned Mid- and downstream opportunities: pipelines and services

Increasing U.S. gas exports to Mexico Source: Oil & Gas Journal

Looking ahead to renewables 2012 Climate Change Law Favourable conditions to expand wind and solar

Real Challenges

The North American energy picture Canada  oil sands, LNG exports US  shale gas & tight oil, energy self sufficiency Mexico  reversal of declining oil production, shale gas development

Shale gas as foundation of North American energy bloc Source: Oil & Gas Journal

Shale gas plays in North America Source: U.S. EIA

Summary Reforms are a significant development for Mexico and beyond Developments in Mexico reinforce the shift in the continental energy supply picture Need to strengthen North American energy cooperation

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