The energy market in Mexico used to have only player – government owned Pemex. In 2016 that all changed when the government started allowing private companies to participate in searching for and extracting oil. So far only six companies are allowed in this market, one of which is Cotemar. If Cotemar and the other companies meet the challenge the dramatic decline in oil production will reverse and lead to greater prosperity in Mexico.
Under Pemex’s management, they nearly exhausted the Canatarell oil field and reduced production by one million barrels a day. The new companies will look to discover new oil fields and then extract the oil. There are challenges ahead as there hard issues to resolve such as unresolved land disputes and other regulatory problems. Cotemar is currently working to resolve a land dispute with Pemex in Veracruz which they hope will meet its resolution shortly. Despite the challenges, it is expected that the new companies will greatly expand the amount of oil that is pumped in Mexico leading to a revolution in the field over the next few years.
Cotemar was founded in 1979 as an oil services company. The services they offer to offshore drilling rigs and production sites include building and modernizing the facilities, maintenance, transportation, and food and accommodation services. Cotemar maintains a fleet of specialized vessels including tow ships, barges, fire-fighting vessels, submersibles, and boats that provide housing, entertainment, and food for oil company employees.
The vessels that Cotemar has for oil employees to stay on can hold up to 4,000 of them at a time. While staying on the vessel they have access to catered food, living quarters, and entertainment options including a movie theater, television rooms, gyms, and basketball courts. They also have access to laundry services and Cotemar crew clean all common areas.
Cotemar has an established Sustainability Scheme. Included in this is guidelines to be transparent and openly express the company’s value, and supporting their employees and guests quality of life. Additionally, Cotemar supports the general community and limits the company’s business activities effects on the environments in which it operates.