July 18, 2014
hISTORY eNDS EVERYWHERE:
Mexico to open oil and gas to private sector (Deutsche Welle, 7/18/14)
Posted by Orrin Judd at July 18, 2014 7:44 PMMexico's Senate voted 90-28 on Wednesday (17.7.2014) to approve the core elements of a bill setting out the regulatory framework for opening the country's oil and gas sector to private investment, according to reports by Reuters and the leading Mexican daily El Universal.Under the new Hydrocarbons Law, a centerpiece of President Enrique Pena Nieto's economic reform agenda, production and exploration for oil and gas by private companies will once again be permitted, after a 75-year hiatus. The government hopes that opening the hydrocarbons sector to private investment will reverse the past decade's pattern of falling oil and gas output.The Hydrocarbons Law sets out the regulations under which state-owned Pemex oil and gas company can enter into exploration or production contracts with private or foreign oil and gas corporations.