Local and External Forces: Understanding Key Factors behind Mexico&apos;s Energy Reform

If you have found this article useful and you think it is important that researchers across the world have access, please consider donating, to ensure that this valuable collection remains Open Access.

Journal of Global Faultlines is published by Pluto Journals, an Open Access publisher. This means that everyone has free and unlimited access to the full-text of all articles from our international collection of social science journals. Furthermore Pluto Journals authors don’t pay article processing charges (APCs).

scite_

Journal of Global Faultlines

Volume 4, Issue 1

Record: found
Abstract: found
Article: found

Is Open Access

Local and External Forces: Understanding Key Factors behind Mexico's Energy Reform

research-article

Author(s): Lilliana Lorena Avendano

Publication date (Print): January-May 2017

Journal: Journal of Global Faultlines

Publisher: Pluto Journals

Keywords: energy policy, geopolitics, geoeconomics, Mexico, oil, Pemex, national oil companies

Bookmark

Abstract

Throughout the logic of geoeconomics and geopolitics, countries become stronger or weaker as a result of how natural resources are wielded. The power derived from the management of natural resources has deep implications for any country. Mexico has recently completed a major energy reform, ending the state monopoly on oil and gas and allowing private companies to invest in the energy sector. The reform aims at boosting the declining oil production and transforming Petróleos Mexicanos into a more competitive enterprise. When the reform was planned and implemented, the oil price was around 95 USD per barrel. However, since 2014, the international market has held decreasing oil prices that are spoiling prospects for a range of high-cost ventures in many countries. Mexico has not been the exception. This article analyzes, through the lens of geopolitics and geoeconomics, the main forces behind Mexico's energy reform. We also conclude that external actors are prevailing on the Mexican energy scenario; that Pemex is becoming weaker, not stronger; and that in the midterm the country's energy security will most likely be in the hands of few international oil companies.

Content

Author and article information

Contributors

Lilliana Lorena Avendano

Journal

Journal ID (doi): 10.13169

Journal ID (publisher-id): jglobfaul

Title: Journal of Global Faultlines

Publisher: Pluto Journals

ISSN (Print): 20542089

ISSN (Electronic): 23977825

Publication date (Print): January-May 2017

Volume: 4

Issue: 1

Pages: 41-56

Affiliations

Professor of International Business at the University of Veracruz, México. Currently, Academic Visitor at the School of Oriental and African Studies (SOAS), University of London. E-mail: la24@ 123456soas.ak.uk .

Article

Publisher ID: jglobfaul.4.1.0041

DOI: 10.13169/jglobfaul.4.1.0041

SO-VID: 70d776e4-f4a9-44a9-b5f0-0bf14b9d0ab6

License:

All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

History

References

Agnew, J. A. (2003) “A World That Knows No Boundaries? The Geopolitics of Globalization and the Myth of a Borderless World.” CBR Working Papers in Border Studies, WP03-2. Available at https://www.qub.ac.uk/research-centres/CentreforInternationalBordersResearch/Publications/WorkingPapers/CIBRWorkingPapers/Filetoupload,174410,en.pdf (accessed July 2017).
Álvarez, J. (2006) Crónica del Petróleo en México, de 1863 a nuestros días . México: Petróleos Mexicanos.
Animal Político (2015) “Ronda Uno: Otorgan tres contratos en la segunda fase de licitación.” 30 September. Available at http://www.animalpolitico.com/2015/09/arranca-la-segunda-fase-de-la-ronda-uno-5-empresas-y-4-consorcios-presentan-sus-propuestas/.
Barnet, R. & Cavanagh, J. (1994) Global Dreams: Imperial Corporations and New World Order . New York: Simon & Schuster.
Baru, S. (2012) “Geo-economics and Strategy.” Survival , 54(3): 47–58.
Behrman, J. N. (1972) “The Theory of the International Firm: Another View.” In Gilles Paquet (ed.) The Multinational Firm and the Nation State . Toronto: Collier Macmillan, 136–148.
Boughton, J. M. (2001) Silent Revolution: The International Monetary Fund 1979–1989 . Washington: International Monetary Fund.
Bowler, T. (2016) “Falling Oil Prices: Who Are the Winners and Losers?” BBC News , 19 January. Available at http://www.bbc.co.uk/news/business-29643612.
Brown, J. C. (1998) Petróleo y Revolución en México . México: Siglo XXI.
Cowen, D. & Smith, N. (2009) “After Geopolitics? From the Geopolitical Social to Geoeconomics.” Antipode 41(1): 22–48.
Cuéllar Laureano, R. (2012) “Geopolítica, Origen del Concepto y su Evolución.” Revista de Relaciones Internacionales de la UNAM 113(mayo-agosto): 59–80.
Dalby, S. (2010) “Geopolitical Trends in the Near Future: Welcome to the Anthropocene!” Draft presented on the World in 2030: Geopolitics & Global Climate Change, 24–25 June, Santa Barbara.
Dyer, D. (2016) “Unwelcome Surprises Sour Mexico's Recent Energy Bidding.” Eldailypost , 12 May.
EIA (2016a) “Domestic Supply of Liquid Fuels Projected to Increase, Resulting in Fewer Imports.” Available at http://www.eia.gov/todayinenergy/detail.cfm?id=4730.
EIA (2016b) “U.S. Field Production of Crude Oil.” Available at https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus1&f=m.
Gamboa Montejano, C. (2008) Evolución del Marco Jurídico de Pemex . Centro de Documentación, Información y Análisis, Servicios de Investigación y Análisis, Subdirección de Política Interior.
Geneva Academy of International Humanitarian Law and Human Rights (2016) “The Rule of Law in Armed Conflicts (RULAC) project.” Available at http://www.geneva-academy.ch/RULAC/about_rulac_project.php.
González, N. (2015) “Adjudican totalidad de contratos de fase tres de Ronda Uno.” 15 December. Available at http://www.excelsior.com.mx/nacional/2015/12/15/1063508.
Gutiérrez Rodríguez, R. (2008) “La Reforma Petrolera de México: ¿dos sexenios sin política energética?” Argumentos 21(58): 33–83.
Haber, S., Razo, A. & Maurer, N. (2003) The Politics of Property Rights: Political Instability, Credible Commitments, and Economic Growth in Mexico, 1876–1929 . Cambridge: Cambridge University Press.
IMF (2016). “World Economic Outlook (WEO) Update.” 19 January. Available at www.imf.org/external/pubs/ft/weo/2016/update/01.
ITAM-Wilson Center (2012) “A New Beginning for Mexican Oil: Principles and Recommendations for a Reform in Mexico's National Interest.” Available at https://www.wilsoncenter.org/sites/default/files/wood_new_beginning_mexico.pdf.
Knowledge@Wharton (2016) “What's Behind the Volatility of Mexico's Peso?” 9 March. Available at http://knowledge.wharton.upenn.edu/article/whats-behind-the-volatility-of-mexicos-peso/.
Lajous, A. (2015) Mexican Oil Reform: The First Two Bidding Rounds, Farmouts and Contractual Conversions in a Lower Oil Price Environment . New York: Center on Global Energy Policy, Columbia/SIPA.
Legucka, A. (2013) “New Geopolitics – What Is Actually ‘New’?” The Copernicus Journal of Political Studies 2(4): 5–20.
“Ley de Petróleos Mexicanos” (2014) Nueva Ley Publicada en el Diario Oficial de la Federación del 11 de agosto de 2014. Available at http://www.dof.gob.mx/nota_detalle.php?codigo=5355990&fecha=11/08/2014
Magar, E., Romero, V. & Timmons, J. F. (2009) “The Political Economy of Fiscal Reforms in Latin America: Mexico.” Available at http://dx.doi.org/10.2139/ssrn.1963863.
Maugeri, L. (2013) “The Shale Oil Boom: A U.S. Phenomenon, Geopolitics of Energy Project.” Belfer Center for Science and International Affairs, Discussion Paper No. 2013–05. Available at http://www.belfercenter.org/publication/shale-oil-boom-us-phenomenon.
Meyer, L. (2008) El Petróleo: Cuatro Temas para el Debate en Torno a la Reforma Energética, Mimeo, Ponencia presentada en el Foro 1: Los Principios que Deben Regir la Reforma Energética en México, Serie Debate sobre la Reforma Petrolera en El Colegio de México, 13 May.
Montalvo, T. L. (2015) “Las Empresas de la Ronda Uno Desprecian la Primera Licitación.” Animal Político , 16 July. Available at http://www.animalpolitico.com/2015/07/las-empresas-de-la-ronda-uno-desprecian-la-primera-licitacion/.
Montgomery, H. H. (1946) Mexican Empire: The History of Maximilian and Carlota of Mexico . London: Macmillan.
Navarro, A. & Williams, A. (2015) “Pemex to Announce Job Cuts with Oil Output at 25-Year Low.” 23 December. Available at http://www.bloomberg.com/news/articles/2015-12-23/mexico-oil-giant-to-announce-job-cuts-as-it-tries-to-slim-down.
Newsbase (2016) “Pemex Seeks Partners for Trion Deepwater Project.” 21 June. Available at http://newsbase.com/topstories/pemex-seeks-partners-trion-deepwater-project.
O'Tuathail, G. & Agnew, J. (1992) “Geopolitics and Discourse: Practical Geopolitical Reasoning in American Foreign Policy.” In Gearóid O'Tuathail, Simon Dalby, & Paul Routledge (eds.) The Geopolitics Reader . London and New York: Routledge, 79–91.
O'Tuathail, G., Dalby, S. & Routledge, P. (2006) The Geopolitics Reader . London and New York: Routledge.
Palacios, L. (2002) “The Petroleum Sector in Latin America: Reforming the Crown Jewels.” Le Etudes du CERI 88(September). Available at http://www.sciencespo.fr/ceri/en/content/petroleum-sector-latin-america-reforming-crown-jewels.
Palazuelos, E. & Machin, A. (2008) “Estados Unidos: Creciente Dependencia Externa del Sistema Energético.” In Enrique Palazuelos (ed.), El Petróleo y el Gas Natural en la Geoestrategia Mundial . Madrid: Akal, 35–65.
Pemex (2015a) “Historia.” Available at http://www.pemex.com/acerca/historia/Paginas/default.aspx.
Pemex (2015b) “Firman Pemex y Cenagas Contrato de Transferencia de los Activos del Sistema Nacional de Gasoductos, Sala de prensa de Pemex.” 29 October. Available at http://www.pemex.com/saladeprensa/boletines_nacionales/Paginas/2015-099-nacional.aspx.
Pemex (2016) “Call for Bids of Trion Block Will Strengthen Pemex.” 27 July. Available at http://www.pemex.com/en/press_room/press_releases/Paginas/2016-049-national.aspx.
Petroleum Intelligence Weekly (2014) “2014 Petroleum Intelligence Weekly Top 50.” Available at http://www2.energyintel.com/l/19202/2014-11-18/gp3qp.
Plumer, B. (2016) “Why Crude Oil Prices Keep Falling and Falling, in One Simple Chart.” Vox Energy and Environment , 8 February. Available at http://www.vox.com/2016/1/12/10755754/crude-oil-prices-falling.
Rippy, M. (1954) Oil and the Mexican Revolution Brill Archive . Leiden, Netherlands: E.J. Brill.
Sánchez, R. A. (1999) “El Impacto de la Industria Petrolera en la Economía Mexicana.” Estudios Internacionales 32(25): 20–50.
Sener (2014) “Ronda Cero y migración de contratos de Pemex.” Available at http://www.gob.mx/sener/articulos/ronda-cero-y-migracion-de-contratos-de-pemex.
Smolen, K. (2012) “Evolution of Geopolitical Schools of Thought.” Teka Kom, Politol Stos, Miedzynar, OL PAN 2012(7): 5–19.
Solberg, K. (2012). “Geoeconomics.” Available at http://bookboon.com/en/geoeconomics-ebook.
Sordo, A. M. & López, C. R. (1988) Exploración de Petróleo en México: Antecedentes y Evolución, 1938–1985 . México: El Colegio de México.
Statista (2016) “Annual Average WTI and Brent Crude Oil Spot Prices from 1990 to 2014.” Available at http://www.statista.com/statistics/209641/average-annual-spot-price-of-wti-and-brent-crude-oil/.
University of Texas (2008) “UT-ITAM Partnership for Mexico Energy Sector Advancement.” Available at http://www.beg.utexas.edu/energyecon/IDA/TIES/.
Valle, L. (2016) “Abandonarían firmas campos petroleros.” 29 February. Available at http://www.reforma.com/aplicacioneslibre/preacceso/articulo/default.aspx?id=779879&v=3&po=4&urlredirect=http://www.reforma.com/aplicaciones/articulo/default.aspx?Id=779879&v=3&po=4.
Vargas, R. (2014) “Energy Reform: 20 Years After NAFTA.” Problemas del desarrollo, Revista Latinoamericana de Economía 46(180). Available at https://probdes.iiec.unam.mx/en/revistas/v45n180/body/v45n180a5_1.php.
Victor, D. G., Hults, D. R. & Thurber, M. C. (2012) Oil and Governance, State-Owned Enterprises and World Energy Supply . New York: Cambridge University Press.
Weston, J. F., Johnson, B. B. & Siu, J. A. (1999) “Mergers and Restructuring in the World Oil Industry.” Journal of Energy Finance and Development 4: 149–183.
Williams, A. & Navarro, A. (2015) “Mexico's Pipeline Boom Fueled by Texas Drillers Moving Natural Gas.” 4 August. Available at http://www.bloomberg.com/news/articles/2015-08-04/mexico-pipeline-boom-fueled-by-texas-drillers-moving-natural-gas.
Yergin, D. (2016) “Who Will Rule the Oil Market?” The New York Times , 23 January. Available at http://www.nytimes.com/2015/01/25/opinion/sunday/what-happened-to-the-price-of-oil.html?_r=0.

Comments

Comment on this article

[1] Agnew, J. A. (2003) “A World That Knows No Boundaries? The Geopolitics of Globalization and the Myth of a Borderless World.” CBR Working Papers in Border Studies, WP03-2. Available at https://www.qub.ac.uk/research-centres/CentreforInternationalBordersResearch/Publications/WorkingPapers/CIBRWorkingPapers/Filetoupload,174410,en.pdf (accessed July 2017).

[2] Álvarez, J. (2006) Crónica del Petróleo en México, de 1863 a nuestros días . México: Petróleos Mexicanos.

[3] Animal Político (2015) “Ronda Uno: Otorgan tres contratos en la segunda fase de licitación.” 30 September. Available at http://www.animalpolitico.com/2015/09/arranca-la-segunda-fase-de-la-ronda-uno-5-empresas-y-4-consorcios-presentan-sus-propuestas/.

[4] Barnet, R. & Cavanagh, J. (1994) Global Dreams: Imperial Corporations and New World Order . New York: Simon & Schuster.

[5] Baru, S. (2012) “Geo-economics and Strategy.” Survival , 54(3): 47–58.

[6] Behrman, J. N. (1972) “The Theory of the International Firm: Another View.” In Gilles Paquet (ed.) The Multinational Firm and the Nation State . Toronto: Collier Macmillan, 136–148.

[7] Boughton, J. M. (2001) Silent Revolution: The International Monetary Fund 1979–1989 . Washington: International Monetary Fund.

[8] Bowler, T. (2016) “Falling Oil Prices: Who Are the Winners and Losers?” BBC News , 19 January. Available at http://www.bbc.co.uk/news/business-29643612.

[9] Brown, J. C. (1998) Petróleo y Revolución en México . México: Siglo XXI.

[10] Cowen, D. & Smith, N. (2009) “After Geopolitics? From the Geopolitical Social to Geoeconomics.” Antipode 41(1): 22–48.

[11] Cuéllar Laureano, R. (2012) “Geopolítica, Origen del Concepto y su Evolución.” Revista de Relaciones Internacionales de la UNAM 113(mayo-agosto): 59–80.

[12] Dalby, S. (2010) “Geopolitical Trends in the Near Future: Welcome to the Anthropocene!” Draft presented on the World in 2030: Geopolitics & Global Climate Change, 24–25 June, Santa Barbara.

[13] Dyer, D. (2016) “Unwelcome Surprises Sour Mexico's Recent Energy Bidding.” Eldailypost , 12 May.

[14] EIA (2016a) “Domestic Supply of Liquid Fuels Projected to Increase, Resulting in Fewer Imports.” Available at http://www.eia.gov/todayinenergy/detail.cfm?id=4730.

[15] EIA (2016b) “U.S. Field Production of Crude Oil.” Available at https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=mcrfpus1&f=m.

[16] Gamboa Montejano, C. (2008) Evolución del Marco Jurídico de Pemex . Centro de Documentación, Información y Análisis, Servicios de Investigación y Análisis, Subdirección de Política Interior.

[17] Geneva Academy of International Humanitarian Law and Human Rights (2016) “The Rule of Law in Armed Conflicts (RULAC) project.” Available at http://www.geneva-academy.ch/RULAC/about_rulac_project.php.

[18] González, N. (2015) “Adjudican totalidad de contratos de fase tres de Ronda Uno.” 15 December. Available at http://www.excelsior.com.mx/nacional/2015/12/15/1063508.

[19] Gutiérrez Rodríguez, R. (2008) “La Reforma Petrolera de México: ¿dos sexenios sin política energética?” Argumentos 21(58): 33–83.

[20] Haber, S., Razo, A. & Maurer, N. (2003) The Politics of Property Rights: Political Instability, Credible Commitments, and Economic Growth in Mexico, 1876–1929 . Cambridge: Cambridge University Press.

[21] IMF (2016). “World Economic Outlook (WEO) Update.” 19 January. Available at www.imf.org/external/pubs/ft/weo/2016/update/01.

[22] ITAM-Wilson Center (2012) “A New Beginning for Mexican Oil: Principles and Recommendations for a Reform in Mexico's National Interest.” Available at https://www.wilsoncenter.org/sites/default/files/wood_new_beginning_mexico.pdf.

[23] Knowledge@Wharton (2016) “What's Behind the Volatility of Mexico's Peso?” 9 March. Available at http://knowledge.wharton.upenn.edu/article/whats-behind-the-volatility-of-mexicos-peso/.

[24] Lajous, A. (2015) Mexican Oil Reform: The First Two Bidding Rounds, Farmouts and Contractual Conversions in a Lower Oil Price Environment . New York: Center on Global Energy Policy, Columbia/SIPA.

[25] Legucka, A. (2013) “New Geopolitics – What Is Actually ‘New’?” The Copernicus Journal of Political Studies 2(4): 5–20.

[26] “Ley de Petróleos Mexicanos” (2014) Nueva Ley Publicada en el Diario Oficial de la Federación del 11 de agosto de 2014. Available at http://www.dof.gob.mx/nota_detalle.php?codigo=5355990&fecha=11/08/2014

[27] Magar, E., Romero, V. & Timmons, J. F. (2009) “The Political Economy of Fiscal Reforms in Latin America: Mexico.” Available at http://dx.doi.org/10.2139/ssrn.1963863.

[28] Maugeri, L. (2013) “The Shale Oil Boom: A U.S. Phenomenon, Geopolitics of Energy Project.” Belfer Center for Science and International Affairs, Discussion Paper No. 2013–05. Available at http://www.belfercenter.org/publication/shale-oil-boom-us-phenomenon.

[29] Meyer, L. (2008) El Petróleo: Cuatro Temas para el Debate en Torno a la Reforma Energética, Mimeo, Ponencia presentada en el Foro 1: Los Principios que Deben Regir la Reforma Energética en México, Serie Debate sobre la Reforma Petrolera en El Colegio de México, 13 May.

[30] Montalvo, T. L. (2015) “Las Empresas de la Ronda Uno Desprecian la Primera Licitación.” Animal Político , 16 July. Available at http://www.animalpolitico.com/2015/07/las-empresas-de-la-ronda-uno-desprecian-la-primera-licitacion/.

[31] Montgomery, H. H. (1946) Mexican Empire: The History of Maximilian and Carlota of Mexico . London: Macmillan.

[32] Navarro, A. & Williams, A. (2015) “Pemex to Announce Job Cuts with Oil Output at 25-Year Low.” 23 December. Available at http://www.bloomberg.com/news/articles/2015-12-23/mexico-oil-giant-to-announce-job-cuts-as-it-tries-to-slim-down.

[33] Newsbase (2016) “Pemex Seeks Partners for Trion Deepwater Project.” 21 June. Available at http://newsbase.com/topstories/pemex-seeks-partners-trion-deepwater-project.

[34] O'Tuathail, G. & Agnew, J. (1992) “Geopolitics and Discourse: Practical Geopolitical Reasoning in American Foreign Policy.” In Gearóid O'Tuathail, Simon Dalby, & Paul Routledge (eds.) The Geopolitics Reader . London and New York: Routledge, 79–91.

[35] O'Tuathail, G., Dalby, S. & Routledge, P. (2006) The Geopolitics Reader . London and New York: Routledge.

[36] Palacios, L. (2002) “The Petroleum Sector in Latin America: Reforming the Crown Jewels.” Le Etudes du CERI 88(September). Available at http://www.sciencespo.fr/ceri/en/content/petroleum-sector-latin-america-reforming-crown-jewels.

[37] Palazuelos, E. & Machin, A. (2008) “Estados Unidos: Creciente Dependencia Externa del Sistema Energético.” In Enrique Palazuelos (ed.), El Petróleo y el Gas Natural en la Geoestrategia Mundial . Madrid: Akal, 35–65.

[38] Pemex (2015a) “Historia.” Available at http://www.pemex.com/acerca/historia/Paginas/default.aspx.

[39] Pemex (2015b) “Firman Pemex y Cenagas Contrato de Transferencia de los Activos del Sistema Nacional de Gasoductos, Sala de prensa de Pemex.” 29 October. Available at http://www.pemex.com/saladeprensa/boletines_nacionales/Paginas/2015-099-nacional.aspx.

[40] Pemex (2016) “Call for Bids of Trion Block Will Strengthen Pemex.” 27 July. Available at http://www.pemex.com/en/press_room/press_releases/Paginas/2016-049-national.aspx.

[41] Petroleum Intelligence Weekly (2014) “2014 Petroleum Intelligence Weekly Top 50.” Available at http://www2.energyintel.com/l/19202/2014-11-18/gp3qp.

[42] Plumer, B. (2016) “Why Crude Oil Prices Keep Falling and Falling, in One Simple Chart.” Vox Energy and Environment , 8 February. Available at http://www.vox.com/2016/1/12/10755754/crude-oil-prices-falling.

[43] Rippy, M. (1954) Oil and the Mexican Revolution Brill Archive . Leiden, Netherlands: E.J. Brill.

[44] Sánchez, R. A. (1999) “El Impacto de la Industria Petrolera en la Economía Mexicana.” Estudios Internacionales 32(25): 20–50.

[45] Sener (2014) “Ronda Cero y migración de contratos de Pemex.” Available at http://www.gob.mx/sener/articulos/ronda-cero-y-migracion-de-contratos-de-pemex.

[46] Smolen, K. (2012) “Evolution of Geopolitical Schools of Thought.” Teka Kom, Politol Stos, Miedzynar, OL PAN 2012(7): 5–19.

[47] Solberg, K. (2012). “Geoeconomics.” Available at http://bookboon.com/en/geoeconomics-ebook.

[48] Sordo, A. M. & López, C. R. (1988) Exploración de Petróleo en México: Antecedentes y Evolución, 1938–1985 . México: El Colegio de México.

[49] Statista (2016) “Annual Average WTI and Brent Crude Oil Spot Prices from 1990 to 2014.” Available at http://www.statista.com/statistics/209641/average-annual-spot-price-of-wti-and-brent-crude-oil/.

[50] University of Texas (2008) “UT-ITAM Partnership for Mexico Energy Sector Advancement.” Available at http://www.beg.utexas.edu/energyecon/IDA/TIES/.

[51] Valle, L. (2016) “Abandonarían firmas campos petroleros.” 29 February. Available at http://www.reforma.com/aplicacioneslibre/preacceso/articulo/default.aspx?id=779879&v=3&po=4&urlredirect=http://www.reforma.com/aplicaciones/articulo/default.aspx?Id=779879&v=3&po=4.

[52] Vargas, R. (2014) “Energy Reform: 20 Years After NAFTA.” Problemas del desarrollo, Revista Latinoamericana de Economía 46(180). Available at https://probdes.iiec.unam.mx/en/revistas/v45n180/body/v45n180a5_1.php.

[53] Victor, D. G., Hults, D. R. & Thurber, M. C. (2012) Oil and Governance, State-Owned Enterprises and World Energy Supply . New York: Cambridge University Press.

[54] Weston, J. F., Johnson, B. B. & Siu, J. A. (1999) “Mergers and Restructuring in the World Oil Industry.” Journal of Energy Finance and Development 4: 149–183.

[55] Williams, A. & Navarro, A. (2015) “Mexico's Pipeline Boom Fueled by Texas Drillers Moving Natural Gas.” 4 August. Available at http://www.bloomberg.com/news/articles/2015-08-04/mexico-pipeline-boom-fueled-by-texas-drillers-moving-natural-gas.

[56] Yergin, D. (2016) “Who Will Rule the Oil Market?” The New York Times , 23 January. Available at http://www.nytimes.com/2015/01/25/opinion/sunday/what-happened-to-the-price-of-oil.html?_r=0.