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Fracking expected to begin next year

Written by: Mexico News Daily

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Fracking in the shale oil fields of Mexico could begin next year, the Energy Secretary said at a meeting yesterday in Houston, Texas.

Pedro Joaquín Coldwell was speaking to energy company executives and others at Rice University when he advised that “everything will be ready by March” to begin auctions for the untapped fields.

The Mexican government put a hold on inviting bids from shale drillers when prices plunged two years ago.

“We thought the industry wouldn’t be interested,” he said at the event, whose focus was Mexico’s energy reforms.

Two other factors were the lack of environmental regulations governing hydraulic fracturing and the pipelines needed to move natural gas, a byproduct of shale oil drilling.

Coldwell said the environmental regulations should be ready by March.

He also told the gathering that Mexico has attracted US $22.4 billion in energy investments from 59 different companies since the reforms, introduced by the administration of President Enrique Peña Nieto, went into effect.

The investments include $10 billion for 10,000 kilometers of pipelines, $7 billion in exploration and production and $2.5 billion for new seismic maps to track oil and gas reserves.

Mexico’s shale fields are located across the border from the highly productive Eagle Ford shale formation in Texas.

TAGS: Oil, Gas, Pipelines, Fracking

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Written by: Mexico Daily News

Click HERE to Read Article From Publisher