• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 4 hours Shale Oil will it self destruct?
  • 3 hours NYT: Mass Immigration Roundups in U.S. to Start Sunday
  • 4 hours White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 3 hours South Korea imports No Oil From Iran in June - First-Half Imports Fall 37%
  • 11 hours U.S. Administration Moves To End Asylum Protections For Central Americans
  • 10 hours U.S.- Taiwan: China Says Will Freeze Out U.S. Companies That Sell Arms To Taiwan
  • 2 hours Germany exits coal: A model for Asia?
  • 12 hours Starlink Internet Courtesy of Tesla
  • 1 day Rising air pollution and green house effect
  • 1 day Oil Price Could Fall To $30 If Global Deal Not Extended
  • 13 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 3 hours A Silence is heard
  • 1 day U.S. Economic Expansion: Rich Get Richer
Top Source For Oil Demand Disappoints

Top Source For Oil Demand Disappoints

India, widely considered the top…

Oil Rises On U.S. Shut-Ins, Impressive Chinese Data

Oil Rises On U.S. Shut-Ins, Impressive Chinese Data

Despite lingering concerns over a…

Pemex’s Monopoly to End as Pena Nieto Invites Foreign Oil Companies to Mexico

Enrique Pena Nieto, the President of Mexico, has announced that he is trying to gather support for a proposal to end state-owned Pemex’s monopoly of oil and gas exploration and production in order to boost economic growth.

Seventy years after oil fields were seized by the government in order to give Pemex (Petroleos Mexicanos) a monopoly on the industry, Pena Nieto wants the return of foreign energy companies to the country in an attempt to reverse an eight year decline in crude oil production. Whilst he has not yet given any of the details away, the basic idea is for Pemex to develop some fields, whilst foreign companies will be invited to develop others.

Related article: Brazil’s Giant Libra Field could Produce One Million Barrels a Day

During an interview in London, Pena Nieto said that “it’s obvious that Pemex doesn’t have the financial capacity to be in every single front of energy generation. Shale is one of the areas where there’s room for private companies, but not the only one.”

The energy bill will be ready to be presented before congress by September, and the president is confident that the Pact for Mexico, an alliance he created between his Partido Revolucionario Institucional (PRI), the Partido de la Revolución Democrática (PRD), and the Partido Acción Nacional (PAN) will gain approval for the bill before the end of the year.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play