A recent CD post
highlighted how the "shale gale" of unconventional natural gas is starting to go global, with huge recent discoveries in Argentina and China, leading some to conclude that "peak oil" is losing relevance. We can now add Mexico as another rising natural gas superstate
"Mexico's [energy] future seems even brighter. According to U.S. Energy Information Administration Executive Director Maria van der Hoeven, Mexico's significant untapped natural gas reserves, if properly developed, could eventually provide Mexico with energy independence. She recently stated, "Mexico is sitting on very large natural gas fields that could allow it to end gas imports and could give it energy independence.
Van der Hoeven's assertions are backed by Mexican Energy Secretary Jordy Herrera, who said, "With the shale gas potential and reserves, and the gas associated with crude, we should become a country with sufficient energy resources, both fossil and renewable, to achieve independence, and we could eventually export, all we need to do is make decisions in favor of the Mexican people. Developing gas production is urgent, the country cannot be subjected to the political times."
Herrera is salivating over official estimates, that developing Mexico's shale natural gas industry could attract $7-10 billion in annual investment. According to Herrera, government officials have been working with state-owned oil giant Petroleos Mexicanos, or Pemex, to determine the size of the country's natural gas fields and have contacted Congress to discuss the development of the country's indigenous natural gas reserves."