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Mexico Congress gives final approval to core of energy reform
August 5, 2014 / 2:16 PM / 3 years ago

Mexico Congress gives final approval to core of energy reform

MEXICO CITY, Aug 5 (Reuters) - 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

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