Mexico’s monopoly over its $95 billion per year oil industry is poised to end after senators from the nation’s two biggest political parties agreed to allow output sharing contracts and licenses for outside producers.
Senators from Mexico’s two biggest political parties proposed a bill to break the nation’s 75-year oil monopoly by amending the constitution to allow production sharing contracts and licenses for outside producers.
Mexico’s peso advanced, heading for the biggest weekly gain in Latin America, as lawmakers from the country’s two largest political parties signaled they are almost finished drafting a bill to overhaul the energy industry.
Mexican Senate committees are set today to discuss a bill to end the nation’s seven-decade oil monopoly and open the energy industry to more foreign investment in a bid to reverse declining crude production.
Global oil majors from Exxon Mobil Corp. to Chevron Corp. are about to get the clearest indication yet of how far Mexican lawmakers will go to lure them into the largest unexplored crude area after the Arctic Circle.
Global oil majors from Exxon Mobil Corp. to Chevron Corp. are about to get the clearest indication yet of how far Mexican lawmakers will go to lure them into the largest unexplored crude area after the Artic Circle.
The Mexican peso’s implied volatility rose to a two-week high amid mounting concern the Federal Reserve will soon reduce record U.S. stimulus that has fueled demand for the Latin American country’s debt.
Mexico’s ruling Institutional Revolutionary Party is willing to expand the congressional energy bill and allow risk-sharing contracts with payment in oil production and not only cash as originally proposed by President Enrique Pena Nieto, PRI Senator Francisco Yunes said.
Mexico’s Congress authorized the widest budget gap in four years as President Enrique Pena Nieto seeks to boost growth in Latin America’s second-biggest economy from the slowest pace since the 2009 recession.
Mexico has a “better than ever” chance of passing a bill this year to break a seven-decade state monopoly on oil drilling, said the spokesman for an opposition party needed to gain the reform’s approval.