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On March 8, according to overseas media reports, Mexican Senator Ruben Camarillo revealed on March 6 that the ruling Conservative Party is preparing to unveil a new initiative aimed at enabling Pemex, Mexico’s state-owned oil company, to explore deep-water crude oil reserves in the Gulf of Mexico. This development comes as part of broader energy reform efforts, though Camarillo emphasized that this specific proposal will be separate from other potential reforms proposed by President Calderon or the Senate Energy Committee.
Camarillo, speaking to reporters at El Universal, highlighted that the bill would focus specifically on addressing challenges related to deep-water exploration. He explained that Pemex is looking to offset declining production from its aging Cantarell oil fields by tapping into untapped deep-water reserves. However, the company currently lacks the technical expertise and infrastructure needed for such operations.
Industry experts point out that existing Mexican laws have historically restricted private companies from collaborating with Pemex on deep-water oil and gas projects. This has limited Pemex's ability to access advanced technologies and capital required for deep-sea drilling. Camarillo, who previously served as Secretary of the Senate Energy Committee, stated that the proposed reform would focus on finding solutions to these challenges, particularly in accessing oil and gas reservoirs located between 2,000 and 2,500 meters below the surface.
Despite the need for legislative changes, some opposition lawmakers have resisted any modifications to the current legal framework. Analysts argue that without these reforms, Pemex will struggle to expand its operations into deep-water areas. The opposition’s strong stance on this issue poses a significant obstacle, as President Calderon’s party lacks the majority support needed to pass such measures in Congress. As a result, the future of deep-water exploration in the Gulf of Mexico remains uncertain.