MEXICO CITY, June 7 Mexican lawmakers aim to set
higher minimum requirements than first planned for how much
local labor and materials companies investing in the oil and gas
industry must use, according to a revised draft of pending
Mexico's Congress is in the process of approving so-called
secondary laws to implement the government's December 2013
energy reform, which forms the cornerstone of President Enrique
Pena Nieto's strategy to boost flagging economic growth.
The laws, which establish the fine print of the reform
ending the oil and gas monopoly granted to state oil giant Pemex
in 1938, are being closely watched by oil majors such
as BP Plc and Exxon Mobil Corp.
Presented to Congress on April 30, the original draft of the
secondary laws stipulated that "local content" of labor and
material would need to reach an average of 25 percent by 2025.
Following cross-party negotiations, a revised version of the
secondary laws seen by Reuters on Saturday showed lawmakers had
proposed raising that requirement, which aims to strengthen the
domestic oil and gas industry, to 35 percent of content by 2025.
Nevertheless, the draft said that investment in oil
exploration and extraction in deep waters, where Mexico has had
little experience, was an exception to this part.
The ruling Institutional Revolutionary Party (PRI) aims to
vote the laws by the end of June, though it could take longer.
The revised draft also adds a section setting out fines for
firms, including Pemex, for sharing technical information about
the exploitation of oil and gas without government permission.
(Reporting by Adriana Barrera; Editing by Eric Walsh)