MEXICO CITY Aug 5 Mexico's Senate gave final
approval early on Tuesday to the backbone of a landmark energy
reform as the government prepares to lure investment by major
oil companies to stem the country's declining oil production.
The bills, including a crucial new hydrocarbons law, govern
implementation of a wider reform passed in December. They form
the corner stone of a new plan to open the oil sector to private
and foreign investment, aimed at attracting companies like Royal
Dutch Shell and Exxon Mobil.
The constitutional overhaul ended the 75-year monopoly of
state-owned oil company Pemex, which has struggled to
stem declining crude production for a decade.
Senators will on Tuesday and Wednesday debate the details of
other supporting bills, which once approved will put the final
seal on the energy overhaul.
The first set of contracts for oil and gas development is
due next year.
(Reporting by Noe Torres; Writing by Christine Murray; Editing
by Simon Gardner and Dan Grebler)