• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 26 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Does Toyota Know Something That We Don’t?
  • 5 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 12 hours America should go after China but it should be done in a wise way.
  • 5 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 3 days China is using Chinese Names of Cities on their Border with Russia.
  • 5 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 4 days Putin and Xi Bet on the Global South
  • 5 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 5 days United States LNG Exports Reach Third Place
  • 5 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine

Mexico Vows To Expose Oil Firms Pedaling False Promises

Mexican President Andrés Manuel López Obrador threatened on Thursday to publicly name the oil companies which have delayed their promised investments into Mexico’s oil sector.

“The majority of these companies are asking for extensions,” said Lopez Obrador, as carried by Reuters.

The Mexican president, in office since December last year, has repeatedly criticized the energy reform of his predecessor, calling it “a failure.”

Lopez Obrador vowed to hold a “Who’s Who” presentation at one of his regular news conferences.

López Obrador has been a vocal critic of the energy reform of his predecessor Enrique Peña Nieto, who opened in 2013 Mexico’s oil and gas sector to private investment for the first time in seven decades.  

Six months into office, the populist left-wing President López Obrador blasted the energy reform as “a failure” and vowed not to call new bidding rounds for foreign oil companies for oil exploration and production in Mexico unless those companies show results, because currently they are not investing and not producing.

Two weeks into office, López Obrador suspended in December 2018 new oil auctions for three years. In June, Mexico’s energy regulator CNH also canceled an auction to pick foreign partners for Mexican state energy giant Pemex scheduled for October.

Related: $300 Oil: What If The Attacks In Saudi Arabia Had Destroyed Production?

Last month, Obrador slammed again the energy sector reform that Nieto enacted when he took office, saying that it failed to result in any increase in oil production but has instead benefited foreign companies.

“If there’s no production from the (energy reform’s) contracts that were given away, we can’t say we’re going to continue giving away concessions,” Lopez Obrador said at the end of September.

At the same time, López Obrador seeks a greater role for Pemex in reversing the downward trend in Mexican oil production and is criticizing the energy reform and the foreign oil firms for failing to do so.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News