Updated: Jan 25, 2019
Mexico's national oil company is expected to only produce 1.9 million barrels a day by 2031.
Mexico's oil production could rebound to 3.5 million barrels a day, boosted by a wave of recent private investment in the country's vast oil and gas reserves.
Private oil production, which in 2018 is expected to be just 37,000 barrels a day, could balloon to 1.4 million barrels a day by 2031, according to data from a professor from the Universidad Autonoma de Coahuila in Mexico, presented at an Eagle Ford Shale event Wednesday in Laredo.
Mexico liberalized its oil and gas industry in 2013 after decades of a monopoly for the national oil company, Petroleos Mexicanos or Pemex. The market reforms allows private companies to come in and develop oil and gas resources in Mexico.
Javier Lopez, a San Antonio attorney specializing in energy issues, addressed concerns about Mexico's President-elect Andrés Manuel López Obrador, who has said he wants more state control over Mexican oil and gas resources and has discussed changes to the country's framework to sign contracts with private energy companies.
The new government may not like the liberalization, but is legally not allowed to do anything to existing contracts, Lopez said.
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