10 introduction & welcome
Maximising Mexico ’ s energy potential requires a new era of energy reform
Enrique Peña Nieto , President of Mexico
“ The focus of this G20 summit on energy security comes at a crucial time . The past several years have seen a significant shift in the global energy paradigm . The rise of China , India , and other rapidly developing nations , has increased the energy demand projected for the next two decades . Meeting this demand will require not only the ongoing stability of current energy supplies , but also exploiting new energy sources .
Fortunately , the discovery of new shale gas and oil reserves , as well as the development of alternative energy sources and technologies , offers a promising future for energy security . Consequently , countries need to look within their own borders for real , and practical energy solutions as well as strengthen international cooperation and investment .
In Mexico , we are about to embark on a journey that , hopefully , will yield greater energy supplies for both domestic use and export
In Mexico , we are about to embark on a journey that , hopefully , will yield greater energy supplies for both domestic use and export . In order to fully tap our energy potential , we need to be open for international technology and financing .
Otherwise , our ability to achieve energy security will be undermined .
My proposal to reform the energy sector maintains the state ’ s control of the oil industry and the nation ’ s hydrocarbon reserves
To this end , I am pledged to modernise Mexico ’ s oil company , Petróleos Mexicanos ( PEMEX ), to find new ways to take advantage of the country ’ s enormous energy potential . While I do not intend to privatise PEMEX , I do believe that a reform is needed to allow private investment - both national and foreign - in this important segment of the Mexican economy . New partnerships in this arena cannot be understated .
My proposal to reform the energy sector maintains the state ’ s control of the oil industry and the nation ’ s hydrocarbon reserves . Nevertheless , it provides the government oil company the powers and legal authority to engage in strategic public-private alliances . If PEMEX wants to help Mexico achieve energy security and position itself as a growing energy exporter , it requires significant investment in new technologies , which can only be attained through increased private sector partnerships .
On top of large deep-water oil reserves and a tremendous potential in renewable energy , Mexico holds one of the largest shale gas reserves in the world . For that reason , new technologies , new partnerships and new investments to help us better exploit these resources , must be welcomed . Indeed , many actors in the private sector have developed a profound know-how in difficult-to-extract energy . Thus , we seek to cultivate close partnerships with such actors , allowing us to achieve our common goals .
… we can usher in a new era of energy independence and security …
By doubling down on development and international cooperation , we can usher in a new era of energy independence and security for Mexico and for the industrialised world . I hope that this summit will yield productive talks toward this goal .”