Abu Dhabi: State-owned Abu Dhabi firms are showing “serious interest” in investing in Mexico’s newly opened energy sector, said Mexican oil executives and government officials on Tuesday.
UAE delegations have visited Mexico four times this year with Mubadala Petroleum and the Abu Dhabi National Oil Company (Adnoc) having held a number of discussions with state energy firm Pemex and the Mexican government, said Franciso Alonso, Mexico’s Ambassador to the UAE.
Alonso, who first told Gulf News about the discussions in August, made the comments on a panel at Adipec sitting alongside a senior executive from Pemex and a representative from Mexico’s Ministry of Energy.
Pemex is exhibiting at Adipec for the first time using the exhibition and conference as a roadshow to attract foreign investment to Mexico’s oil industry.
Mubadala confirmed on Tuesday for the first time that it is looking at investing in Mexico “with keen interest.”
Maurizio La Noce, the outgoing Mudabala Petroleum chief executive, told Gulf News on the sidelines of Adipec that it is looking for a minority partnership in Mexico but that discussions are still in the early stages.
ADNOC, which could not be reached on Tuesday, has previously declined to comment on the discussions.
Mexico will open tender bids for shallow water oil exploration and mature field production next week with concessions to be awarded in May 2015, said Guillermo Garcia Alcocer from the Mexican Ministry of Energy.
Mexico estimates that $50.5 billion of investment will be needed in the fields and exploration areas included in next week’s tender opening.
“Emirati companies are very important … and we want them to participate [in the tender bids],” said Garcia Alcocer.
Mexico’s oil industry has attracted other state-owned companies from the Emirate, according to Alonso who said Abu Dhabi Investment Authority (ADIA) is scheduled to visit Mexico.
— With inputs from Fareed Rahman, Senior Reporter