By Adam Williams
Petroleos Mexicanos, preparing for the end of its 76-year state oil monopoly, was granted rights to all the proved and probable oil reserves it sought for development as Mexico opens its doors to foreign competition.
Pemex, as the state-owned company is known, will maintain 83 percent of the country’s so-called 2p reserves and 21 percent of potential reserves, Energy Minister Pedro Joaquin Coldwell said today in Mexico City. Mexico’s investment in fields will be $50 billion in 2015-2018, he said during a presentation of the non-competitive bidding known as round zero.
The opening of Mexico’s energy industry to private investment is considered to be on a scale with the North American Free Trade Agreement in terms of economic significance, Alberto Ramos, chief Latin America economist at Goldman Sachs, said in an Aug. 7 research note. The energy ministry will now prepare for the first round of open ... Read More