Mexico Oil and Gas Upstream Market Outlook to 2021

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Mexico upstream oil & gas market has been estimated at USD XX billion in 2015 and is projected to reach USD XX billion by 2021, at a CAGR of XX% during the forecast period from 2016 to 2021.

The oil & gas upstream business segment conducts exploration and production activities against a backdrop of growing energy and environmental challenges. It is extremely important to explore beneath the earth’s surface to help continuous replacement of the depleting oil and gas reserves and to enhance their recovery, while managing the environmental impact. The worst hit segment, after the mind-numbing price swings of crude oil in 2015, is the upstream oil & gas sector. The increased supply and the receding demand has marked a systemic imbalance, which daunts the upstream sector and that would take at least 3 years to settle.

The oil & gas upstream sector has demonstrated the ability to be innovative and to lower costs, when necessary. The new technological advances such as digitization, robotics and analytics have been extensively harnessed to squeeze out higher volumes of oil with less investment. Keeping these advancements in mind, it is a necessity for the oil and gas companies to carefully tackle the logistics and other minor issues, in order to confront the oversupply with increased efficiency and reduced costs.