Extraction of oil and associated natural gas
Mexican directory related to Extraction of oil and associated natural gas, with mexvalue of 211111.
The extraction of oil and natural gas in Mexico is a significant contributor to the country's energy sector. Mexico has a long history of oil production, dating back to the early 1900s when the first commercial oil well was drilled in the country. Since then, the industry has grown to become one of the largest in the world.
Today, Mexico is the world's 11th largest oil producer, with an estimated 2.5 million barrels of crude oil produced per day. The country's oil reserves are primarily located in the Gulf of Mexico, with the largest concentration in the Cantarell oil field.
In addition to crude oil, Mexico also produces significant amounts of natural gas. The country is the world's 18th largest producer of natural gas, with an estimated 3.6 trillion cubic feet produced in 2020.
The extraction of oil and natural gas in Mexico is primarily carried out by the state-owned company, Petróleos Mexicanos (Pemex). However, in recent years, the government has opened up the industry to private investment, allowing foreign companies to participate in exploration and production activities.
Despite the industry's importance to Mexico's economy, it has faced challenges in recent years. Pemex has struggled with declining production levels, and the government has been criticized for not doing enough to attract foreign investment and modernize the industry.
Nevertheless, Mexico's oil and gas industry remains a vital part of the country's energy sector, providing jobs and revenue for the government. As the industry continues to evolve, it will be interesting to see how Mexico adapts to the changing global energy landscape.
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