Led by Alexey Miller, the Company’s Management Committee Chairman, Gazprom’s delegation finalized its visit to Mexico, conducting negotiations with Fernando Barragan, Mexican Energy Minister.
The parties discussed potential interaction in Mexico’s gas infrastructure development and sci-tech cooperation & experience sharing as well as in joint gas field exploration and development, including in the Mexican Gulf offshore, reaching an accord to address possible liquefied natural gas deliveries to Mexico, to be followed by its transportation to the USA.
Certain projects will be developed on the platform of a Memorandum for interaction to be shortly signed between Gazprom and Petroleos Mexicanos (Pemex).
With major gas resources located in its northern part, Mexico’s proved natural gas reserves account for 420 bcm (being the 6th-largest in the Western Hemisphere after the USA, Venezuela, Canada, Bolivia and Argentina). In addition, Mexico counts on considerable forecast gas resources, in the Mexican Gulf offshore inclusive.
Over 2003, natural gas production and consumption totaled 36.4 and 45.4 bcm, respectively, with including 9 bcm imported from the USA. Natural gas, oil, coal and nuclear & hydropower generation shares in the country’s power balance account for 30%, 60%, 5% and 5%, respectively. Gas consumption has been on a high rise reaching to 6% per annum and is expected to keep on climbing.
Founded back in 1938, the state-run company Petroleos Mexicanos (Pemex) established in 1992 four specialized business units, including Pemex – Exploration and Production; Pemex – Processing; Pemex – Gas and Petrochemistry; Pemex – Petrochemistry. The company holds an exclusive right to prospect for and extract oil and gas resources in Mexico. Total length of Pemex-owned gas pipelines averages 10 thou km.
The 1995 Natural Gas Law allowed private investors into Mexico’s gas transmission, storage and distribution market.
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