Smaller Companies to Dominate Shale, Pemex Unit Director Says

Smaller companies will probably dominate development of Mexico’s shale gas deposits as Petroleos Mexicanos focuses on shallow water and onshore projects, according to the independent director of one of the state-owned company’s units.

Pemex, as Petroleos Mexicanos is known, will probably focus on businesses with higher margins to maximize profits, leaving room for smaller companies in shale, Mario Gabriel Budebo, a director of Pemex Gas and Basic Petrochemicals, said at today’s Bloomberg Mexico Economic summit.