Mexico Presents Energy Reform Legislation
Enrique Pena Nieto (Courtesy Mexican Government)
Mexico's government on Wednesday presented long-awaited legislation to flesh out an energy reform that forms the core of President Enrique Pena Nieto's plan to ramp up growth in Latin America's second biggest economy.
The energy reform passed in December ends the state's 75-year-old oil and gas monopoly and aims to generate billions of dollars worth of private investment for the industry in Mexico, the world's 10th biggest producer of crude oil.
The so-called secondary laws set out rules for the implementation of the reform, and are being closely watched by oil majors such as BP Plc and Royal Dutch Shell (RYDAF).
Energy minister Pedro Joaquin Coldwell told a news conference all contracts for oil and gas exploration and extraction will be issued by public tender.
(Reporting by Adriana Barrera; Writing by Dave Graham)
