OTC 2016: Mexico Seeks to Enhance Energy Sector Accountability
Mexico has submitted a formal request to join the International Energy Agency and is preparing to join the Extractive Industries Transparency Initiative (EITI) in 2018 to enhance its energy sector’s transparency and accountability, a Mexican official told attendees at the Offshore Technology Conference Tuesday in Houston.
Lourdes Melgar, Mexico’s deputy secretary of energy, said the decisions to join IEA and EITI are intended to ensure the transparency and accountability of Mexico’s energy sector.
EITI is a global standard to promote open and accountable management of natural resources. According to EITI’s website, countries that implement the EITI disclose information on tax payments, licenses, contracts, production and other key elements around resource extraction.
To date, 30 contracts have been awarded through the three exploration and production bidding rounds held so far. The fourth bidding round, which will offer deepwater acreage, will take place on Dec. 5 of this year. Melgar said that an updated version of the contract for deepwater bidding will be released on May 15.
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