Fracking will be a vital part of the energy mix for Mexico going forward.
The country’s Secretary of the Economy believes it is a safe and important part of Mexico’s energy reforms and it faces little opposition from the public.
Ildefonso Guajardo told ELN: “For us fracking is more in terms of gas and for us having access to cheaper gas is very important. We have a huge reserve in northern part of Mexico which has been unexploited up to now. We are getting ready to exploit our own reserves.”
Asked if there was the same sense of concern from the public over fracking, as we have here in the UK, Snr Guajardo said environmental protection measures would be in place to safeguard extraction.
“With the energy reform there was the creation of an environmental unit that will be exclusively in charge of monitoring the balance and protection of natural resources.
“I think scientificially there is strong support that the technology that will be used, will be protecting any environmental side effects,” he said.
Snr Guajardo was speaking at the Mexican Energy Reform Summit in London. It’s one of several events taking place during the state visit of the Mexican premier to the UK this week.
The conference was showcasing how the latin American giant is undergoing the biggest reform of its energy industry. Opening up new trade routes for its oil and gas sector and changing the way it invests in electricity infrastructure.
So what lessons can Mexico learn from the UK’s energy reforms? According to the finance minister, keeping some degree of nationalisation is vital.
He concluded: “I think you have gone through a different process [in the UK], sometimes when you privatise you have to be very careful how you privatise, you may have adverse effects in doing that.
“That’s why the companies that are the two most important companies in Mexico, Pemex for oil and CFE for electricity, are going to be state productive enterprises, so they will keep playing a role for the interest of the Mexican people.”