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Senators Pass Mexico Oil Plan as Snag Arises
Keywords:
The new oil law allowing foreign oil companies to compete with Pemex passes the Senate in Mexico and now goes to the lower house. The legislation removes the 4 oil worker union's representatives from the 15 person Board of Pemex. The oil law now leaves only a 10 member board- five appointed by the government and five independent members approved by the Senate. Because past opening of investment by the private sector in state owned railways and telecom sectors has led to wealth passing into the hands of a few business owners and worsening competitiveness, there is concern in Mexico about how this law will be implemented so that it benefits Mexico and Mexicans through foreign investment in the oil industry. Leftist parties are pushing a bill in the lower house to allow a referendum on the oil law by 2015 if 1.6 million signatures are collected. Oil experts point to foreign investment in the Mexican oil industry as further enhancing the prospects of North American oil production in comparison to the position of Middle East oil producers, because of Mexico's large shale oil and gas reserves and the prospects for new exploration in deep waters.
Mexico's oil law and the limited foreign investment in the oil industry
10/01/2012
Efforts by the Pena Nieto administration to change the oil law from the period of nationalization in 1938 which limits foreign investment in the oil industry. Mexico needs foreign investment to increase oil exploration and production.
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Mexican president proposes historic changes to state-owned Pemex oil monopoly - The Washington Post
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The PAN party tried repeatedly to make the changes to the constitution for the last decade to open up the oil industry to major oil companies but failed to win the support of the PRI party for a two thirds majority in Congress. In a historic vote the PRI and PAN parties join to make the changes in 2013. Mexico could become a net oil importer by 2020 if production remains stuck at 2.5 million barrels a day, say experts. Western oil companies knowhow and investment is sorely needed to expand production. Mexico is able to invest only
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