Mexican President Felipe Calderon is weighing the pros and cons of allowing foreign investors to assist Mexican government petroleum company Pemex in drilling and bringing up oil found in Mexico. The main oil field in Mexico is located in the state of Campeche and called Cantarell which is located in the area submerged in shallow waters of the Gulf.
As oil prices continue to soar, more and more Mexican take pride in the oil resources that their nation has and many still are against the idea of letting foreign investors benefit and profit from oil resources found in their country. And the possibility of Calderon allowing foreign investors to profit from oil reserves in Mexico has already provoked the dissent of many both from the government and from private sectors.
In just a couple of years, it has been noticeable how fast the oil reserves in Mexico are running out of oil which makes drilling and acquiring oil for Pemex harder and harder to do. Pemex reported that most of the oil are located deeper under the Gulf and technological help would be necessary to reach more depth. The oil output in the month of February last year was reported to be 24 percent more than that of February 2008. And compared to the peal period of Mexican oil output in 2004 that reached a whopping 2.1 million barrels per day, the average oil production has decreased by 46 percent.
The point of contention in allowing foreign investors to aid in drilling Mexican oil however, is not just due to the fact that foreigners would profit from Mexican resources. The issue of finding alternative fuel sources and environmental issues also generate disagreement from different sectors of society. Independent oil analysts are even saying that oil in Cantarell is rapidly decreasing and there would come a time when this Mexican oil field would dry up. They even pointed out the fact the government is no doing anything to remedy this event or to prepare the nation for the time when no oil can be drilled out of Cantarell or any other Mexican oil field.