Mexico Senate Approves Final Bill To Open Energy Sector
MEXICO CITY, Aug 6 (Reuters) - Mexican lawmakers on Wednesday gave final approval to an overhaul of the state-run energy sector aimed at luring billions of dollars in new investments by foreign and private oil companies.
The senate approved a series of laws this week aimed at attracting companies such as Royal Dutch Shell Plc and Exxon Mobil Corp, and help stem declining crude production in Latin America's No. 2 economy.
President Enrique Pena Nieto said on Wednesday he would sign the set of bills into law next week, paving the way for private companies to announce their plans to tap resources in the world's 10th biggest oil producer.
The legislation fleshes out a constitutional overhaul approved last year that ended the 75-year monopoly of state-owned oil company Pemex and opens up oil, gas and electricity markets to private companies.
Pena Nieto broke through gridlock in a divided Congress to pass energy, telecommunications and banking legislation that aims to lift Mexico out of decades of sluggish growth in the country's most significant reform push since the NAFTA trade deal with the United States and Canada in the 1990s.
Senators approved on Wednesday a final bill that amends public finance laws. The government finances around one-third of its budget with oil revenues.
"Today concludes a period of valuable, profound and transformative structural reforms that consolidate and strengthen Mexico's foundations," said Senator Manuel Cavazos from Pena Nieto's Institutional Revolutionary Party (PRI).
12
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Gunvor CEO Sees Russian Refining Capacity Taking Hit from Drone Strikes
- These Factors Helped Brent Oil Price Break Above $85
- Sinopec Engineering Posts Higher Annual Petrochemicals Revenue
- Imperial Pipeline in Winnipeg Goes Offline for Three Months
- Gaz System to Acquire Gas Storage Poland
- Subsea7 Secures Contract to Service Woodside's Trion
- Adnoc Inks Supply Deal for Ruwais LNG Project with Germany's SEFE
- EIA Boosts USA Crude Oil Production Forecasts
- TotalEnergies to Acquire TLCS Eyeing Bayou Bend CCS Project
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- EIA Drops 2024 Henry Hub Gas Price Forecast
- EIA and Standard Chartered Offer Up Latest Oil Price Predictions
- Red Sea Region Sees Another Watershed Incident
- Chevron Oil Project in Kazakhstan to Cost $48.5B
- OPEC Voices Encouragement after IEA Affirms Support for Oil Security
- Biden Govt Bares Strategy for Freight Charging, Hydrogen Fueling Infra
- Rystad Looks at the Buzz Around White Hydrogen
- Ukraine Hits Third Russian Refinery In Escalating Drone Strikes
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Is Peak Oil Demand Close?
- Vessel Sinks in Red Sea After Missile Strike
- JP Morgan, Standard Chartered Reveal Latest Oil Price Forecasts
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Rystad Forecasts Net Production of Top Permian Producers in 2024
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension