Mexico's President Signs Energy Reform Legislation
MX Oil plc, the AIM listed oil and gas company focused on the re-opening Mexican energy sector, is pleased to note that President Enrique Pena Nieto has approved legislation required to reopen Mexico’s vast energy industry to the private sector.
This follows approval by both the Lower Congress and the Senate and completes the legislative process required to end state-owned Pemex’s monopoly and, in the process, open up the energy sector to foreign investment and expertise.
The Company also notes the government’s intention to announce the oil fields which Pemex will retain for production, known as ’round zero’, on 13 August 2014 rather than 17 September 2014, thereby allowing contracts to be awarded to the private sector as early as the first quarter of 2015.
MX Oil’s Chief Executive Officer Stefan Olivier said, “The speed with which Mexico is opening up its energy industry vindicates our decision to position MX Oil as an early mover in what promises to be a new hydrocarbon frontier for the international oil and gas sector. I look forward to providing further updates on our progress as we work with our established local partner, Geo Estratos, to secure interests in highly attractive concessions which, through development, have the potential to generate significant value for our shareholders.”