Mexico Oil and Gas Market by Type, Deployment and Application - Forecast and Analysis 2024-2028

Published: Mar 2024 Pages: 140 SKU: IRTNTR77629

Mexico Oil and Gas Market Forecast 2024-2028

The Mexico Oil and Gas Market size is forecast to increase by USD 35.58 billion, at a CAGR of 3.46% between 2023 and 2028. The report includes historic market data from 2018-2022. The market is witnessing a growing demand for advancements in drilling technology, growing investments in modernizing refineries and privatization of Mexico's oil and gas industry.

Market Overview: 

  • Upstream is the fastest-growing segment during the forecast year
  • The upstream was the largest segment and was valued at USD 111.56 billion in 2018.
  • The comprehensive analysis encompasses the evaluation of sufficient oil and gas resource potential, ongoing trends, advancements in drilling technology, and the growing shift toward cleaner energy sources

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Market Trends 

Advancements in drilling technology are an emerging trend shaping market growth. Advanced drilling techniques, such as horizontal drilling and extended-reach drilling, allow for greater access to hydrocarbon reserves, including unconventional resources like shale and tight formations. This prompts increased exploration efforts, leading to a higher demand for drilling equipment and associated technologies. Technological advancements have enabled drilling in deepwater and ultra-deepwater environments, where substantial reserves are found. This requires specialized drilling rigs, subsea equipment, and wellhead systems, all of which contribute to the upstream equipment market. 

In addition, eco-friendly drilling technologies, including closed-loop systems and reduced emissions equipment, align with environmental regulations and sustainability goals. Advancements in drilling mud systems and drilling fluids, including high-performance additives and environmentally friendly formulations, contribute to drilling efficiency and wellbore integrity. Thus, the advancements in drilling technology will boost the growth of the market during the forecast period. 

Market Largest-Growing Segments 

Upstream

The upstream segment is estimated to witness significant growth during the forecast period. The upstream segment in the oil and gas market in Mexico refers to the exploration, development, and production of crude oil and natural gas. It includes various operations such as seismic surveys, drilling activities, well construction, and production and transportation. The growth in the segment can be attributed to factors such as increasing demand, advancements in technology, and a favorable government policy.

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Further, the power demand in Mexico is steadily increasing. Urbanization and industrial development have accelerated power demand in Mexico. Rapid urbanization results in increased electricity consumption for residential and commercial buildings, while industrialization has driven up power use in manufacturing and production processes. For instance, the total energy consumption increased by around 2.5% in 2022 to 188 Mtoe. The increase in the power demand in Mexico increased exploration activities which in turn drives the growth of the upstream segment. Moreover, the technological advancements in the upstream sector, such as using remote sensing and data integration to refine exploratory strategies, full-wavefield inversion to generate more accurate models of complex geological structures, and others help improve the operational efficiency and turn, propel the growth of the upstream segment in the market during the forecast period.

Market Dynamic

Key Drivers of the Market

The availability of adequate resource potential significantly propels market growth in Mexico. Renowned as one of the largest oil producers globally and the fourth largest in the Americas, Mexico boasts substantial reserves, both onshore and offshore. As of January 2023, proven oil reserves reached around 6.0 billion barrels, encompassing crude oil, lease condensate, natural gas liquids, and oil sands. Geologically enriched with diverse hydrocarbon reserves, including conventional and unconventional resources like shale gas and deepwater reserves, Mexico's wealth is distributed across various formations and basins.

Moreover, energy sector reforms, allowing private investment in exploration and operations, foster resource development. These reforms, unlocking Mexico's power sector for domestic and international entities, create opportunities in exploration, production, and hydrocarbon project investment. Hence, these factors collectively drive market growth throughout the forecast period.

Significance Challenges of Market

Increasing the transition to cleaner energy sources is a significant challenge hindering market development. The transition to cleaner energy, such as solar energy and thermal energy, represents a significant challenge for the market. As the trend shifts toward cleaner power sources in Mexico, there is an overall reduction in the demand for fossil fuels, including oil and natural gas. This can lead to decreased exploration, production, and drilling activities, which will negatively impact the demand in Mexico. The uncertainty surrounding the future of the oil and gas industry, driven by the energy transition, can discourage investments in exploration projects. Companies may hesitate to commit resources to projects with uncertain long-term viability.

Also, the transition to cleaner energy requires significant investments in new technologies and infrastructure, such as renewable energy facilities and electric vehicle charging networks. This can divert resources and attention away from traditional oil and gas operations. Furthermore, advances in energy efficiency and energy-saving technologies can reduce overall energy consumption, further dampening demand for the Mexico oil and gas market. Therefore, such factors hinder the growth of the market during the forecast period.

Market Customer Landscape

The market forecasting research report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.

Customer Landscape

Major Market Companies

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Chevron Corp. - The company offers oil and gas operations which include hydrocarbon exploration, production, refining, marketing, and transportation of crude oil and natural gases.

The research report also includes detailed analyses of the competitive landscape of the market and information about 13 market companies, including:

  • BP Plc
  • Citla Energy
  • Exxon Mobil Corp.
  • Grupo Petroil
  • Marathon Petroleum Corp.
  • Petroleos Mexicanos
  • Saipem S.p.A.
  • Sempra Energy
  • Shell plc
  • Techint
  • TotalEnergies SE
  • Vista Energy S.A.B. de C.V.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

  • Type Outlook
    • Upstream
    • Downstream
    • Midstream
  • Deployment Outlook
    • Offshore
    • Onshore
  • Application Outlook
    • Residential
    • Commercial
    • Industrial

Market Analyst Overview

The Mexico oil and gas market is intricately shaped by various factors and entities. The Secretariat of Energy (SENER) oversees the sector, dealing with challenges like quarantine rules affecting domestic gasoline consumption. PEMEX, the state-owned hydrocarbon company, faces challenges such as a lack of private investments amid government policies. Energy reforms have attempted to break the monopoly of PEMEX, encouraging foreign investment in exploration and development projects, particularly in the onshore shale reserves and the Coastal Gulf of Mexico region. Notable players like Lukoil and Petronas engage in key projects like the Bacalar-1 exploration well in the Cuenca Salina Sureste Basin.

Additionally, the industry also sees significant trends, such as the rising demand for natural gas, LNG imports, and the liberalization of fuel prices. As conflicts in Russia and Ukraine impact global oil prices and oversupply concerns persist, the market navigates challenges in the value chain, from decommissioning and geological surveys to seismic imaging, supply chain disruptions, and the efficient utilization of processing facilities, refineries, and petrochemical plants. The Deer Park refinery, a crucial element in the midstream sector, adds a pivotal component to Mexico's oil and gas landscape.

Market Scope

Report Coverage

Details

Page number

140

Base year

2023

Historic period

2018-2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 3.46%

Market Growth 2024-2028

USD 35.58 billion

Market structure

Concentrated

YoY growth 2023-2024(%)

3.02

Competitive landscape

 Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

BP Plc, Chevron Corp., Citla Energy, Exxon Mobil Corp., Grupo Petroil, Marathon Petroleum Corp., Petroleos Mexicanos, Saipem S.p.A., Sempra Energy, Shell plc, Techint, TotalEnergies SE, and Vista Energy S.A.B. de C.V.

Market dynamics

Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the market between 2024 and 2028
  • Precise estimation of the market  size and its contribution of the market in focus to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the market across Mexico
  • Thorough analysis of the market’s competitive landscape and detailed information about companies
  • Comprehensive analysis of factors that will challenge the growth of market companies

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Deployment
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Application
    • Exhibit 07: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 08: Parent market
    • Exhibit 09: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 10: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 11: Market segments
  • 3.3 Market size 2023
    • 3.4 Market outlook: Forecast for 2023-2028
      • Exhibit 12: Chart on Mexico - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 13: Data Table on Mexico - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 14: Chart on Mexico: Year-over-year growth 2023-2028 (%)
      • Exhibit 15: Data Table on Mexico: Year-over-year growth 2023-2028 (%)

    4 Historic Market Size

    • 4.1 Oil and gas market in Mexico 2018 - 2022
      • Exhibit 16: Historic Market Size – Data Table on oil and gas market in Mexico 2018 - 2022 ($ billion)
    • 4.2 Type Segment Analysis 2018 - 2022
      • Exhibit 17: Historic Market Size – Type Segment 2018 - 2022 ($ billion)
    • 4.3 Deployment Segment Analysis 2018 - 2022
      • Exhibit 18: Historic Market Size – Deployment Segment 2018 - 2022 ($ billion)
    • 4.4 Application Segment Analysis 2018 - 2022
      • Exhibit 19: Historic Market Size – Application Segment 2018 - 2022 ($ billion)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 20: Five forces analysis - Comparison between 2023 and 2028
    • 5.2 Bargaining power of buyers
      • Exhibit 21: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028
    • 5.3 Bargaining power of suppliers
      • Exhibit 22: Bargaining power of suppliers – Impact of key factors in 2023 and 2028
    • 5.4 Threat of new entrants
      • Exhibit 23: Threat of new entrants – Impact of key factors in 2023 and 2028
    • 5.5 Threat of substitutes
      • Exhibit 24: Threat of substitutes – Impact of key factors in 2023 and 2028
    • 5.6 Threat of rivalry
      • Exhibit 25: Threat of rivalry – Impact of key factors in 2023 and 2028
    • 5.7 Market condition
      • Exhibit 26: Chart on Market condition - Five forces 2023 and 2028

    6 Market Segmentation by Type

    • 6.1 Market segments
      • Exhibit 27: Chart on Type - Market share 2023-2028 (%)
      • Exhibit 28: Data Table on Type - Market share 2023-2028 (%)
    • 6.2 Comparison by Type
      • Exhibit 29: Chart on Comparison by Type
      • Exhibit 30: Data Table on Comparison by Type
    • 6.3 Upstream - Market size and forecast 2023-2028
      • Exhibit 31: Chart on Upstream - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 32: Data Table on Upstream - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 33: Chart on Upstream - Year-over-year growth 2023-2028 (%)
      • Exhibit 34: Data Table on Upstream - Year-over-year growth 2023-2028 (%)
    • 6.4 Downstream - Market size and forecast 2023-2028
      • Exhibit 35: Chart on Downstream - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 36: Data Table on Downstream - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 37: Chart on Downstream - Year-over-year growth 2023-2028 (%)
      • Exhibit 38: Data Table on Downstream - Year-over-year growth 2023-2028 (%)
    • 6.5 Midstream - Market size and forecast 2023-2028
      • Exhibit 39: Chart on Midstream - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 40: Data Table on Midstream - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 41: Chart on Midstream - Year-over-year growth 2023-2028 (%)
      • Exhibit 42: Data Table on Midstream - Year-over-year growth 2023-2028 (%)
    • 6.6 Market opportunity by Type
      • Exhibit 43: Market opportunity by Type ($ billion)
      • Exhibit 44: Data Table on Market opportunity by Type ($ billion)

    7 Market Segmentation by Deployment

    • 7.1 Market segments
      • Exhibit 45: Chart on Deployment - Market share 2023-2028 (%)
      • Exhibit 46: Data Table on Deployment - Market share 2023-2028 (%)
    • 7.2 Comparison by Deployment
      • Exhibit 47: Chart on Comparison by Deployment
      • Exhibit 48: Data Table on Comparison by Deployment
    • 7.3 Offshore - Market size and forecast 2023-2028
      • Exhibit 49: Chart on Offshore - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 50: Data Table on Offshore - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 51: Chart on Offshore - Year-over-year growth 2023-2028 (%)
      • Exhibit 52: Data Table on Offshore - Year-over-year growth 2023-2028 (%)
    • 7.4 Onshore - Market size and forecast 2023-2028
      • Exhibit 53: Chart on Onshore - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 54: Data Table on Onshore - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 55: Chart on Onshore - Year-over-year growth 2023-2028 (%)
      • Exhibit 56: Data Table on Onshore - Year-over-year growth 2023-2028 (%)
    • 7.5 Market opportunity by Deployment
      • Exhibit 57: Market opportunity by Deployment ($ billion)
      • Exhibit 58: Data Table on Market opportunity by Deployment ($ billion)

    8 Market Segmentation by Application

    • 8.1 Market segments
      • Exhibit 59: Chart on Application - Market share 2023-2028 (%)
      • Exhibit 60: Data Table on Application - Market share 2023-2028 (%)
    • 8.2 Comparison by Application
      • Exhibit 61: Chart on Comparison by Application
      • Exhibit 62: Data Table on Comparison by Application
    • 8.3 Residential - Market size and forecast 2023-2028
      • Exhibit 63: Chart on Residential - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 64: Data Table on Residential - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 65: Chart on Residential - Year-over-year growth 2023-2028 (%)
      • Exhibit 66: Data Table on Residential - Year-over-year growth 2023-2028 (%)
    • 8.4 Commercial - Market size and forecast 2023-2028
      • Exhibit 67: Chart on Commercial - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 68: Data Table on Commercial - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 69: Chart on Commercial - Year-over-year growth 2023-2028 (%)
      • Exhibit 70: Data Table on Commercial - Year-over-year growth 2023-2028 (%)
    • 8.5 Industrial - Market size and forecast 2023-2028
      • Exhibit 71: Chart on Industrial - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 72: Data Table on Industrial - Market size and forecast 2023-2028 ($ billion)
      • Exhibit 73: Chart on Industrial - Year-over-year growth 2023-2028 (%)
      • Exhibit 74: Data Table on Industrial - Year-over-year growth 2023-2028 (%)
    • 8.6 Market opportunity by Application
      • Exhibit 75: Market opportunity by Application ($ billion)
      • Exhibit 76: Data Table on Market opportunity by Application ($ billion)

    9 Customer Landscape

    • 9.1 Customer landscape overview
      • Exhibit 77: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 78: Impact of drivers and challenges in 2023 and 2028
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 79: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 80: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 81: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 82: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 83: Matrix on vendor position and classification
            • 12.3 BP Plc
              • Exhibit 84: BP Plc - Overview
              • Exhibit 85: BP Plc - Business segments
              • Exhibit 86: BP Plc - Key news
              • Exhibit 87: BP Plc - Key offerings
              • Exhibit 88: BP Plc - Segment focus
            • 12.4 Chevron Corp.
              • Exhibit 89: Chevron Corp. - Overview
              • Exhibit 90: Chevron Corp. - Business segments
              • Exhibit 91: Chevron Corp. - Key news
              • Exhibit 92: Chevron Corp. - Key offerings
              • Exhibit 93: Chevron Corp. - Segment focus
            • 12.5 Citla Energy
              • Exhibit 94: Citla Energy - Overview
              • Exhibit 95: Citla Energy - Product / Service
              • Exhibit 96: Citla Energy - Key offerings
            • 12.6 Exxon Mobil Corp.
              • Exhibit 97: Exxon Mobil Corp. - Overview
              • Exhibit 98: Exxon Mobil Corp. - Business segments
              • Exhibit 99: Exxon Mobil Corp. - Key news
              • Exhibit 100: Exxon Mobil Corp. - Key offerings
              • Exhibit 101: Exxon Mobil Corp. - Segment focus
            • 12.7 Grupo Petroil
              • Exhibit 102: Grupo Petroil - Overview
              • Exhibit 103: Grupo Petroil - Product / Service
              • Exhibit 104: Grupo Petroil - Key offerings
            • 12.8 Marathon Petroleum Corp.
              • Exhibit 105: Marathon Petroleum Corp. - Overview
              • Exhibit 106: Marathon Petroleum Corp. - Business segments
              • Exhibit 107: Marathon Petroleum Corp. - Key offerings
              • Exhibit 108: Marathon Petroleum Corp. - Segment focus
            • 12.9 Petroleos Mexicanos
              • Exhibit 109: Petroleos Mexicanos - Overview
              • Exhibit 110: Petroleos Mexicanos - Product / Service
              • Exhibit 111: Petroleos Mexicanos - Key offerings
            • 12.10 Saipem S.p.A.
              • Exhibit 112: Saipem S.p.A. - Overview
              • Exhibit 113: Saipem S.p.A. - Business segments
              • Exhibit 114: Saipem S.p.A. - Key offerings
              • Exhibit 115: Saipem S.p.A. - Segment focus
            • 12.11 Sempra Energy
              • Exhibit 116: Sempra Energy - Overview
              • Exhibit 117: Sempra Energy - Business segments
              • Exhibit 118: Sempra Energy - Key news
              • Exhibit 119: Sempra Energy - Key offerings
              • Exhibit 120: Sempra Energy - Segment focus
            • 12.12 Shell plc
              • Exhibit 121: Shell plc - Overview
              • Exhibit 122: Shell plc - Business segments
              • Exhibit 123: Shell plc - Key news
              • Exhibit 124: Shell plc - Key offerings
              • Exhibit 125: Shell plc - Segment focus
            • 12.13 TECHINT GROUP
              • Exhibit 126: TECHINT GROUP - Overview
              • Exhibit 127: TECHINT GROUP - Product / Service
              • Exhibit 128: TECHINT GROUP - Key offerings
            • 12.14 TotalEnergies SE
              • Exhibit 129: TotalEnergies SE - Overview
              • Exhibit 130: TotalEnergies SE - Business segments
              • Exhibit 131: TotalEnergies SE - Key news
              • Exhibit 132: TotalEnergies SE - Key offerings
              • Exhibit 133: TotalEnergies SE - Segment focus
            • 12.15 Vista Energy S.A.B. de C.V.
              • Exhibit 134: Vista Energy S.A.B. de C.V. - Overview
              • Exhibit 135: Vista Energy S.A.B. de C.V. - Product / Service
              • Exhibit 136: Vista Energy S.A.B. de C.V. - Key offerings

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 137: Inclusions checklist
                • Exhibit 138: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 139: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 140: Research methodology
                • Exhibit 141: Validation techniques employed for market sizing
                • Exhibit 142: Information sources
              • 13.5 List of abbreviations
                • Exhibit 143: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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              • Detailed vendors report with competitive landscape
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