The Mexico oil and gas market size reached USD 191.76 Billion in 2024. The market is projected to grow at a CAGR of 3.40% between 2025 and 2034, reaching almost USD 267.89 Billion by 2034.
The discovery of new oil fields is prompting increasing private sector investments in Mexico, aiding the market. For example, Olmeca Dos Bocas refinery established in the state of Tabasco became operational in 2022 and contributed towards the domestic production of oil. Private sector investments accounted for 5% of the total oil production in Mexico in 2022. The anticipated increase in the attraction of such oil projects is expected to drive the Mexico oil and gas market expansion in the forecast period.
There is a significant opportunity for Mexico oil and gas market players in the newly developed oil regions. For instance, oil output from Pokche Field recorded an increase of 28,100 barrels per day within two years, pinpointing its significant potential for oil production. Moreover, Pemex expects oil output from Racemosa field to increase significantly over time, because of the tremendous increase in output recorded from the field in 2022, which reached 4,000 barrels per day. This is expected to drive the Mexico oil and gas market development.
In 2022, the country produced 2 million barrels of oil per day, along with 4.68Bf3/d of natural gas, which is expected to remain favourable over the forecast period, thereby driving the market growth.
Market Segmentation
Mexico Oil and Gas Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:
Market Breakup by Operations:
Upstream_x000D_ _x000D_ Onshore _x000D_ Offshore _x000D_ _x000D_
Upstream_x000D_ _x000D_ Onshore _x000D_ Offshore _x000D_ _x000D_
Midstream
Downstream
Midstream
Downstream
Market Breakup by Region:
Baja California
Northern Mexico
The Bajío
Central Mexico
Pacific Coast
Yucatan Peninsula
Competitive Landscape
The key players in the Mexico oil and gas market are:
Shell plc
Citla Energy
Pemex
ExxonMobil Corporation
Chevron Corporation
TotalEnergies SE
Sicim S.p.A.
Harbour Energy plc
BP p.l.c.
Murphy Oil Corporation
Others
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Mexico Oil and Gas Market Overview
- 5.1 Key Industry Highlights
- 5.2 Mexico Oil and Gas Historical Market (2018-2024)
- 5.3 Mexico Oil and Gas Market Forecast (2025-2034)
- 6 Mexico Oil and Gas Market by Operations
- 6.1 Upstream
- 6.1.1 Historical Trend (2018-2024)
- 6.1.2 Forecast Trend (2025-2034)
- 6.1.3 Breakup by Type
- 6.1.3.1 Onshore
- 6.1.3.2 Offshore
- 6.2 Midstream
- 6.2.1 Historical Trend (2018-2024)
- 6.2.2 Forecast Trend (2025-2034)
- 6.3 Downstream
- 6.3.1 Historical Trend (2018-2024)
- 6.3.2 Forecast Trend (2025-2034)
- 7 Mexico Oil and Gas Market by Region
- 7.1 Baja California
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Northern Mexico
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 The Bajío
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Central Mexico
- 7.4.1 Historical Trend (2018-2024)
- 7.4.2 Forecast Trend (2025-2034)
- 7.5 Pacific Coast
- 7.5.1 Historical Trend (2018-2024)
- 7.5.2 Forecast Trend (2025-2034)
- 7.6 Yucatan Peninsula
- 7.6.1 Historical Trend (2018-2024)
- 7.6.2 Forecast Trend (2025-2034)
- 8 Market Dynamics
- 8.1 SWOT Analysis
- 8.1.1 Strengths
- 8.1.2 Weaknesses
- 8.1.3 Opportunities
- 8.1.4 Threats
- 8.2 Porter’s Five Forces Analysis
- 8.2.1 Supplier’s Power
- 8.2.2 Buyers Powers
- 8.2.3 Threat of New Entrants
- 8.2.4 Degree of Rivalry
- 8.2.5 Threat of Substitutes
- 8.3 Key Indicators for Demand
- 8.4 Key Indicators for Price
- 9 Competitive Landscape
- 9.1 Supplier Selection
- 9.2 Key Global Players
- 9.3 Key Regional Players
- 9.4 Key Player Strategies
- 9.5 Company Profiles
- 9.5.1 Shell plc
- 9.5.1.1 Company Overview
- 9.5.1.2 Product Portfolio
- 9.5.1.3 Demographic Reach and Achievements
- 9.5.1.4 Certifications
- 9.5.2 Citla Energy
- 9.5.2.1 Company Overview
- 9.5.2.2 Product Portfolio
- 9.5.2.3 Demographic Reach and Achievements
- 9.5.2.4 Certifications
- 9.5.3 Pemex
- 9.5.3.1 Company Overview
- 9.5.3.2 Product Portfolio
- 9.5.3.3 Demographic Reach and Achievements
- 9.5.3.4 Certifications
- 9.5.4 ExxonMobil Corporation
- 9.5.4.1 Company Overview
- 9.5.4.2 Product Portfolio
- 9.5.4.3 Demographic Reach and Achievements
- 9.5.4.4 Certifications
- 9.5.5 Chevron Corporation
- 9.5.5.1 Company Overview
- 9.5.5.2 Product Portfolio
- 9.5.5.3 Demographic Reach and Achievements
- 9.5.5.4 Certifications
- 9.5.6 TotalEnergies SE
- 9.5.6.1 Company Overview
- 9.5.6.2 Product Portfolio
- 9.5.6.3 Demographic Reach and Achievements
- 9.5.6.4 Certifications
- 9.5.7 Sicim S.p.A.
- 9.5.7.1 Company Overview
- 9.5.7.2 Product Portfolio
- 9.5.7.3 Demographic Reach and Achievements
- 9.5.7.4 Certifications
- 9.5.8 Harbour Energy plc
- 9.5.8.1 Company Overview
- 9.5.8.2 Product Portfolio
- 9.5.8.3 Demographic Reach and Achievements
- 9.5.8.4 Certifications
- 9.5.9 BP p.l.c.
- 9.5.9.1 Company Overview
- 9.5.9.2 Product Portfolio
- 9.5.9.3 Demographic Reach and Achievements
- 9.5.9.4 Certifications
- 9.5.10 Murphy Oil Corporation
- 9.5.10.1 Company Overview
- 9.5.10.2 Product Portfolio
- 9.5.10.3 Demographic Reach and Achievements
- 9.5.10.4 Certifications
- 9.5.11 Others
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