Mexico Offshore Drilling Market Overview, 2029

Mexico Offshore Drilling Market Overview, 2029

Mexico's offshore drilling business is vital to the nation's renewable energy sector and is a major driver of economic growth. Offshore drilling, which requires sophisticated equipment and technology, is the method used to access petroleum resources located beneath the surface of the ocean. Mexico's offshore resources, particularly in the Gulf of Mexico, have attracted significant investment from both domestic and foreign oil businesses, resulting in a dynamic and competitive market. The oil and gas sector in México is heavily dependent on offshore drilling. From the productive offshore oil fields of Cantarell and Ku-Maloob-Zaap, which are among the best output of crude oil in Mexico had a great benefit of it . The National Hydrocarbons Commission (CNH) oversees the petroleum industry, which is dominated by the state-owned company Petróleos Mexicanos (Pemex). Ultimately more local and international companies can now compete in the market because to market liberalisation, which has accelerated technological improvements and improved operational efficiency. The history of offshore drilling in Mexico has seen a number of significant turning moments. Mexico has become a major producer of oil since the late 20th century, when the Cantarell field was discovered. An important turning point was the 2013 energy reform, which broke Pemex's monopoly and allowed private investment into the industry. This led to additional rounds of bidding for contracts pertaining to production and exploration, attracting global oil majors and promoting technological breakthroughs in drilling. As proved reserves have increased, exploration activity has rebounded in Mexico. A significant portion of Mexico's offshore drilling rig fleet is in operation, a sign of the market's health. the number of operational offshore drilling rigs in Mexican seas is estimated to be fifty. This number fluctuates based on exploration activities, regulatory changes, and market conditions. This level of activity is expected to be sustained by the continued investment in offshore projects, as several other areas are scheduled for development in the near future.

According to the research report ""Mexico Offshore Drilling Market Overview, 2029,"" published by Bonafide Research, the Mexico Offshore Drilling market is expected to reach a market size of more than USD 7 Billion by 2029. Because of favourable government regulations and an increase in the demand for oil around the world, Mexico's offshore drilling sector has grown quickly. Production-sharing and cooperation agreements have made it possible for foreign companies to provide finance and expertise. Technological developments such as deep-water drilling and enhanced techniques for oil recovery have increased the likelihood of previously undiscovered resources. Mexico's favourable geographic location—it can access both the Atlantic and Pacific Oceans—encourages the expansion of its market and exports

Different types of rigs are used in the Mexican offshore drilling industry to investigate and retrieve hydrocarbon deposits from the ocean floor. Every type of rig has unique benefits and is appropriate for various operating environments and situations. Since jack-up rigs are so adaptable and can function at shallow to moderate water depths, they are frequently utilised in Mexico's offshore drilling activities. To provide stability while drilling, these rigs include retractable legs that may be lowered to the ocean floor. Jack-up rigs are an excellent choice for production and exploration drilling in Mexico's coastal waters, especially in the Gulf of Mexico, which is home to a large number of offshore fields. Another common rig type used in Mexico's offshore drilling industry is semi-submersible rigs. These rigs facilitate drilling operations in deeper waters and provide stability in choppy seas since they are made to float on the water's surface while half submerged. In Mexico's deepwater offshore basins, where substantial hydrocarbon deposits are located, semi-submersible rigs are frequently used for development and exploratory drilling operations. Drill ships are self-propelled, drilling-equipped boats that are very mobile and appropriate for offshore drilling in difficult or isolated places. Drill ships are used in Mexico, especially in offshore areas with intricate geological formations, for deepwater exploration and production operations. Their dynamic positioning solutions improve efficiency and safety in offshore situations by enabling accurate placement during drilling operations. The reason for the popularity of drill ships, jack-up rigs, and semi-submersible rigs in Mexico's offshore drilling market is that they are the most popular options for exploration and production activities in the area due to their efficiency, adaptability, and suitability for the country's varied offshore conditions.

The offshore drilling industry in Mexico is divided into different categories according on the depth of the ocean; each depth range has its own set of opportunities and obstacles. Drilling operations in shallow water are those that are usually carried out in depths of less than 500 feet. Shallow water drilling in Mexico is mostly centre in the southern section of the Gulf of Mexico, namely in the Campeche Basin. Because of the area's comparatively shallow waters, jack-up rigs and other shallow water drilling platforms can be used here. In Mexico, mature fields with hydrocarbon reserves closer to the seabed—which makes access and extraction easier—are frequently the focuses of shallow water drilling. Though shallow water deposits are more accessible, operators still have to deal with logistical issues and environmental concerns, such as possible effects on marine ecosystems and coastal communities. Operations for deepwater drilling are carried out in 500–5,000 feet of water. Deepwater drilling operations in Mexico are mostly concentrated in the western Gulf of Mexico's Perdido Fold Belt. With drill ships and semi-submersible rigs outfitted with cutting-edge drilling equipment, operators are taking advantage of this region's substantial hydrocarbon potential to explore and develop deepwater reserves. Mexico has special technical and logistical hurdles for deepwater drilling, including as complicated geology and high-temperature, high-pressure reservoir conditions. The potential for significant discoveries and high production rates, however, might yield significant benefits and support Mexico's economic expansion and energy security. Drilling in water deeper than 5,000 feet is known as ultra-deepwater drilling. The southern Gulf of Mexico is the main location for ultra-deepwater drilling operations in Mexico due to its extraordinarily deep waters. Notable locations for ultra-deepwater exploration and production are the Perdido Fold Belt and the Salina del Istmo Basin. It takes specialised tools and knowledge to fully extract hydrocarbons from ultra-deepwater reservoirs, and operators are using state-of-the-art technology including subsea completion systems and controlled pressure drilling. Although significant reserves may be found by ultra-deepwater drilling, there are additional technical and operational hazards involved, such as difficulties with well control and environmental issues with deepwater blowouts. Notwithstanding these obstacles, Mexico's strategic emphasis on ultra-deepwater exploration highlights the country's dedication to using its offshore energy reserves.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Offshore Drilling Rigs market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• Flexible Offshore Drilling Rigs
• By Rig Type
• Jack-Up Rigs
• Semi-Submersible Rigs
• Drill-ships
• Others (Barges, Submersible Rigs)

By Water Depth
• Shallow Water
• Deep Water
• Ultra-Deep Water

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Offshore Drilling Rigs industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.