America, as a continent, is experiencing an oil resurgence. Not only in the United States, which with the Shale revolution over the last 20 years increased its production to such a degree that it has become a net exporter of natural gas, reduced its crude oil imports and, for months, surpassed the production of Saudi Arabia and Russia.<\/p>\n\n\n\n
We can observe the same case in Canada, where it not only has the second-largest proven reserves globally, but has also increased its oil production to such a degree, particularly in the province of Alberta, that it has given rise to major infrastructure projects for the export of gas and petroleum products.<\/p>\n\n\n\n
But it does not stop there. Brazil has become one of the main players outside OPEC, increasing its production by taking advantage of its discoveries in ultra-deep waters and making use of the state machinery and Petrobras. This development now positions it as the main oil producer in Latin America.<\/p>\n\n\n\n
Following the development in the Southern Cone, the results of investments in Guyana are beginning to be seen, a country without oil resources that now produces more barrels than other economies. Similar situations can be observed in Colombia and Argentina. Vaca Muerta has boosted Argentina\u2019s natural gas production, and in Colombia new rounds have been developed under a model similar to Brazil\u2019s, while Ecopetrol, the national company, also serves as one of the main players in the country\u2019s oil sector.<\/p>\n\n\n\n
Although Venezuela is a particular case, it is expected that by 2030, now under the new governance conditions established with the departure of President Maduro, the country\u2019s resources will begin to be developed more rapidly, surpassing Mexico.<\/p>\n\n\n\n
The oil resurgence of America, however, is leaving Mexico out. The country not only faces a decline in oil production that over the last 20 years has fallen by more than 60%, but the projections under the institutional mechanisms and announced projects do not allow the country to recover its position.<\/p>\n\n\n\n
From what can be observed across the continent, the institutional designs are varied, from open-access mechanisms such as in the United States, to licensing-round models such as in Colombia, from countries without state-owned companies such as Guyana to countries with a strong state-owned oil company that leads the sector such as Brazil. The correct recipe is not the protection of resources through a state monopoly, but a clear model that allows development by taking advantage of public and private resources and promoting the development of essential infrastructure and markets.<\/p>\n\n\n\n
Even if Mexico\u2019s oil-sector design were changed today, the delay we have compared with other countries in America is evident and is such that the results would not be observed quickly, but perhaps until after 2030. However, the longer it takes us, as a nation, to make those decisions, the more difficult it will be for our country to begin getting back on track.<\/p>\n\n\n\n