Mitsui may invest in oil and gas development in Mexico

Japanese oil and gas firm Mitsui is looking to increase investment in Mexico after the country opened up the energy sector to foreign investors last year. Japanese oil and gas firm Mitsui is looking to increase investment in Mexico after the country opened up the energy sector to foreign investors last year, The Wall Street Journal reported. Since passing a sweeping energy reform, Mexican officials said it will allow foreign investment to develop oil and gas assets in the country, which may help reverse a 10-year trend of production declines.

Yasuhiro Uchida, general manager of oil and gas development for Mitsui & Co's Energy Business Unit I, told the Journal the company expressed high interest in doing business in the Mexican oil and gas sector.

"Mexico has good prospects, large energy reserves, easy access to almost anywhere in the world and free trade agreements with major economies," Uchida told the Journal. "It also has a young population that will boost growth in the future."

Mitsui reported a gross profit of an estimated $8.48 billion for the year ending March 31 and has a positive outlook for growth in the future.

"We believe that the global economic recovery will gradually gain momentum, driven by the continued strength of the U.S. and other advanced economies," according to a company report.

More information on the power market outlook in Mexico can be found on PennEnergy's research area.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs