•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Mexico's Senate committees approve key parts of energy bill

    Mexico’s Senate committees have approved a set of laws to regulate the opening of Mexico's oil and gas industries to private investment, Reuters says.

    The committees passed four bills fleshing out a historic overhaul of the state-run energy sector, including the power market. The bills will pass to the floor of the Senate on July 17 and then to the lower house of Congress for approval.

    Senators raised requirements for the amounts of local labor and materials investors will need to use in energy projects. The approved bill called for local content of 25% by 2015 that would rise to 35% by 2025. The original draft set the local content bar at 25% by 2025. The changes keep the content requirements below regional rival Brazil, which has rates as high as 55%.

    Senators also amended a section of the draft law that allowed for the expropriation of land containing oil or gas reserves. In its place, they put provisions that would allow companies to lease land and give owners a share of profits. Among the bills approved by the committees was a hydrocarbons law, which sets out key elements of the energy reform, including contracts, fines, and the ownership of Mexican oil and gas.

    Another section establishes the framework for private companies to sell electricity on the open market. Private companies can currently generate their own power, but they can only sell excess energy to the state electricity company. The Reuters report notes that opposition leftist lawmakers abandoned the committee meetings, saying the bills would give away the country's oil wealth to foreign companies.

    Related Articles

    White joins ROTH Capital Partners

    08/15/2014

    John White has joined ROTH Capital Partners (ROTH), a full-service investment bank, as senior research analyst covering the resources sector with a special focus on oil and gas.

    US 2014 natural gas output up 5.3% from last year’s record

    08/14/2014

    The US Energy Information Administration has raised its estimate for US natural gas production in 2014 to 5.3% over 2013's record high levels, Reuters says.

    US natural gas production rose 0.7% in July

    08/14/2014 Natural gas production in the US Lower 48 increased by 0.5 billion cubic feet per day (Bcf/d) during the month of July vs. June, according to Bentek Energy, an analytics and forecasting unit of Pla...

    China deciding strategy for doubling crude oil imports

    08/13/2014 China’s government is deciding whether to double the amount of crude oil imported by smaller, independent refineries, in what could prove a key move toward expanding the country’s import market, sa...

    Douglas-Westwood: Australian LNG – A lost cause?

    08/12/2014 Douglas-Westwood, a UK-headquartered provider of energy business strategy, research, and commercial due-diligence services, commented on "Australian LNG – A Lost Cause?" in its latest edi...

    More Oil & Gas Financial Articles

    White joins ROTH Capital Partners

    Fri, Aug 15, 2014

    John White has joined ROTH Capital Partners (ROTH), a full-service investment bank, as senior research analyst covering the resources sector with a special focus on oil and gas.

    US 2014 natural gas output up 5.3% from last year’s record

    Thu, Aug 14, 2014

    The US Energy Information Administration has raised its estimate for US natural gas production in 2014 to 5.3% over 2013's record high levels, Reuters says.

    US natural gas production rose 0.7% in July

    Thu, Aug 14, 2014

    Natural gas production in the US Lower 48 increased by 0.5 billion cubic feet per day (Bcf/d) during the month of July vs. June, according to Bentek Energy, an analytics and forecasting unit of Platts.

    China deciding strategy for doubling crude oil imports

    Wed, Aug 13, 2014

    China’s government is deciding whether to double the amount of crude oil imported by smaller, independent refineries, in what could prove a key move toward expanding the country’s import market, says research and consulting firm GlobalData.

    Douglas-Westwood: Australian LNG – A lost cause?

    Tue, Aug 12, 2014

    Douglas-Westwood, a UK-headquartered provider of energy business strategy, research, and commercial due-diligence services, commented on "Australian LNG – A Lost Cause?" in its latest edition of DW on Aug. 11.

    Most Popular

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ