Noticing the threat posed by dependence on oil exports to one country (USA), Pemex has been implementing a strategy of market diversification since 2011. Crude sales to its main buyer, the US, have fallen 37% (2011-2015), from 1.24 mmbbl to 691 mbbl, mostly because USA has gone from being an importer to producer.
After a necessary change in the rules, which allowed individuals access to the recently-opened Mexican oil market, and after two disappointing Round One auctions, the third phase was held yesterday (December 15, 2015). All 25 available contracts were awarded, making it is the most successful round so far.
Colombian authorities should be paying close attention to not just the results of the first Mexico Round, but how the rest of the process plays out. It clearly demonstrates that contract conditions and geology weigh just as heavily as state take when deciding whether to bid or not, says a business publication.