EFTA Document EFTA01367374

31 May 2015 Integrated Oil US Integrated Oils Mexico The 2013 energy reform is aimed at reducing the decline in oil production (which has been fallen by 3% since 2003 to 2450 mboe/d in 2014) that has resulted from a lack of investment in frontier plays particularly in the GoM deepwater (only 26 wells have been drilled in the deepwater). The implications of the energy reform in Mexico on production generally sit outside of our forecast period; however, updates around the bidding process