Interview with Gustavo Baquero our VP Mexico. Part 123 Dec 2024 20:10
At a crucial moment for the Mexican oil industry, Harbour Energy stands out as a key player in the country's energy landscape. In an interview with Energy & Commerce, Gustavo Baquero, General Manager , shares his vision on the opportunities and challenges facing the sector, the strategic collaboration with Pemex and the commitment to a sustainable energy model.
A new energy cycle in Mexico
Gustavo Baquero describes the current moment as the beginning of a new stage for the oil industry in Mexico, characterized by an encouraging panorama of openness and collaborative synergies. “I think we are in a very interesting moment, because a new cycle is opening up for the next six years. The signals we are receiving are positive, especially with the energy plan announced by the President, which emphasizes the importance of public-private collaboration,” he comments.
This cycle comes after two six-year terms of contrasting energy policies. According to the executive, the current challenge lies in taking advantage of opportunities for joint development, such as the exploration and production projects that Harbour Energy is leading together with Pemex.
Flagship projects and their impact on national production
Among the most notable projects is Zama, an offshore initiative on which Harbour Energy and Pemex are working in collaboration. This project has the possibility of representing more than 10% of the national production goal, with an estimated capacity of 180,000 barrels per day. Baquero emphasizes the magnitude of this contribution: “Zama is a key project that can change the production dynamics in Mexico. We are talking about investments close to $5 billion dollars.”
Harbour Energy also operates several onshore exploration and production blocks, such as the Ogarrio field in Tabasco, in which it is associated with Pemex and in which each has a 50% stake, with Harbour Energy being the operator of the field. Gustavo Baquero points out that the company is Pemex's largest partner in undeveloped reserve projects, positioning itself as a strategic ally in boosting national production.
Sustainability as a strategic axis
A central aspect of Harbour Energy’s strategy is sustainability. Baquero highlights the company’s commitment to carbon neutrality by 2035, as well as the implementation of advanced technologies for the capture, transport and storage of CO₂ emissions. At a global level, “we are leading monitoring and control projects to prevent the venting of methane, a gas with a significantly greater greenhouse impact than CO₂,” he explains.
In Mexico, Harbour Energy is seeking to align itself with carbon capture initiatives, although Gustavo Baquero stresses that the regulatory framework for technological projects in this area is still under development. However, he identifies great potential in natural capture projects, such as reforestation and sustainable ecosystem management, which could be integrated into the n
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