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.