UK subsea industry targets opportunities offshore Mexico

Submitted by Paddy Harris on Mon, 2015-02-02 12:09

02nd February 2015

Subsea UK, a trade association representing the UK’s subsea industry, has highlighted the growing opportunities present in Mexico’s offshore industry following recent energy reform legislation opening up the market to direct foreign participation

Neil Gordon from Subsea UK met with Baroness Bonham Carter, the Prime Minister’s Trade Envoy to Mexico, to highlight how the knowledge held within the UK could support work in Mexico’s deepwaters. Source: Subsea UK

At a meeting today in Aberdeen, the head of the UK’s subsea industry body, Neil Gordon, and the UK prime minsister's trade envoy envoy to Mexico, Baroness Bonham Carter, highlighted the technical similarities between subsea operations in the North Sea and off the coast of Mexico.

"The situation is challenging in the North Sea so it’s important for firms to consider other regions as part of their future growth strategies,” said Gordon, Subsea UK chief executive.

“Mexico is amongst the top ten largest oil producers in the world and ranked in the top 20 in terms of gas production. Over the past decade, Pemex has had a lack of investment in technology development; UK subsea firms could now play a major role helping to extract much of Mexico’s remaining oil wealth, thought to lie thousands of metres below the seabed.

"By working closely with Baroness Bonham Carter and UKTI, Subsea UK is making sure that the industry in Mexico turns to the UK’s subsea expertise to meet its deepwater challenges.”

Mexico introduced energy reform last year, which removed Pemex’s monopoly over exploration and production and will allow direct foreign participation in Mexico’s offshore waters.