For a long time, Mexico was considered to be a major oil and natural gas producer in the world. The country also gained significant income through the oil and natural gas export as it is the sixth largest oil producer in the world. But, by 2010 the things have changed and considering the 2008 financial crisis, the oil production has dipped year after year. Considering the oil exploration and refinement was entirely controlled by state-owned Pemex, there was no transformation or innovation according to the changing environment. This has ultimately created a stagnation in the oil industry, and the country which significantly depends on oil revenues were forced to change the monopoly of the state-owned firm in the oil industry.
This opened doors for new entrants like Cotemar, a major servicing firm to oil and natural gas industry. Cotemar and other new players won the first Round tenders by the end of 2016, and everyone looks at them hopefully and think that they can reverse the downturn of the Mexican oil industry. Industry experts are confident that when firms like Cotemar with years of professional servicing experience come into the picture, it would even transform Pemex, and they would choose to be innovative. Everyone understood that Mexico is in the wake of a silent oil revolution, and it would change the growth prospects of the country.
The exploration plans and production contracts are aimed to achieve three goals such as increase the oil production, increased national tax collection, and create favorable condition for investments. The oil of Mexico is precious for the government with national interests, and they expect that the new companies would focus on providing quality oil and gas extraction process, rather than maximizing the profit. The industry watchers confirm that firms like Cotemar with long experience within the country and deep roots to its national interest would help Mexico to recover from the financial turmoil because of the plunge of the oil industry.
Cotemar is a Mexico-based servicing firm to oil industry with around 40 years of experience in the industry. It provides services in construction, maintenance, engineering, and modernization, specialized Maritime Support Vessels, and accommodation and catering. The firm founded in 1979, to provide services in specialized vessels and accommodation and catering. With careful steps and innovative solutions, Cotemar grew as an industry leader through the years. In 2016, a subsidiary of Cotemar called Servicios a la Industria Petrolera Lifting de Mexico won the Cuichapa Poniente contract leading its way to oil exploration and extraction.