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Mexico’s federal congress has certified that 24 of the country’s 31 state legislatures have approved sweeping energy reforms that allow private companies to explore for and produce oil and gas.
Mexico’s bill that ends a 75-year state oil monopoly will be sent to President Enrique Pena Nieto for enactment after a majority of states ratified the proposal.
Mexico’s lower house of Congress began a raucous, marathon debate expected to last through the night and well into Thursday on historic legislation that would open the state-run oil industry to private investment.
Mexico’s Senate has approved the most dramatic oil reform in decades, moving the country closer to opening its beleaguered, state-run sector to private companies and investment.
Mexico’s energy sector has been largely sealed off from foreign investment for the better part of a century, but historic legislation, proposed over the weekend, may change that.
Former Mexican President Vicente Fox is optimistic that the nation soon will approve an overhaul of the country’s nationalized energy sector to allow needed outside investment.
The fight to revamp Mexico’s moribund, state-run oil industry could start as early as this week with a Senate proposal to allow private access to the country’s oil, a nationalist symbol that for decades has been fiercely protected by the constitution from possible profiteering by foreign companies.
The federal agency that oversees offshore drilling will be dismantled in two weeks, but the former prosecutor who now heads the office isn’t going anywhere — at least not right away. Michael Bromwich will temporarily head the new Bureau of Safety and Environmental Enforcement until the Obama administration hires a permanent replacement. The administration also announced today that Tommy Beaudreau will head the new Bureau of Ocean Energy Management.
A leading House Republican today unveiled his plans for reorganizing the federal agencies that oversee offshore energy operations and beefing up the credentials of the government inspectors that police them. Aside from a few name changes, the proposal mirrors the overhaul launched by the Obama administration in the wake of last year’s Gulf oil spill.