Economy

xchrom

(108,903 posts)

16. Mexico Is About To Begin A Historic Oil Reform

Fri Dec 12, 2014, 07:47 AM

Dec 2014

http://www.businessinsider.com/afp-mexico-unveils-first-phase-of-historic-oil-reform-2014-12

Mexico City (AFP) - Mexico unveiled rules Thursday for the first phase of its historic opening of the oil sector to foreign investors, pledging transparent auctions in July for 14 shallow-water fields.

The highly-anticipated guidelines were made public four months after Congress gave final approval to legislation allowing foreign companies to drill for oil for the first time since 1938.

"It represents, without a doubt, the coming of a new era in energy in our country. It will be for the good of Mexico," Energy Minister Pedro Joaquin Coldwell said at an event outlining the bidding process.

"The reform arrived on time. Mexico will put an end to its oil and gas decline and will reincorporate the world energy market with more strength and certainty."

Read more: http://www.businessinsider.com/afp-mexico-unveils-first-phase-of-historic-oil-reform-2014-12#ixzz3LgQY7AC8

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