Read? Exclusive: Mexico's draft energy reform spans profit-sharing to licenses
Crude output at Pemex has fallen
by a quarter since peaking at 3.4 million barrels a day in 2004, and its
management says it needs a huge injection of capital.
Many Mexicans believe the plan is a covert bid to sell off the company, which remains a potent national symbol despite corruption scandals over the years.
CW8888: Is Pemex playing catch-up in partnership with Keppel ahead of this new development?
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Mexico's Congress on Thursday approved a closely watched energy-reform bill, clearing constitutional changes poised to break a 75-year monopoly on the country's oil and gas sector by state company Pemex.
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ReplyDeletePemex aims to keep all of its current oil and gas developments through the initial allocation of operating rights scheduled for the first half of 2014, chief executive Emilio Lozoya said on Friday according to a report.
The allocation will be one of the first steps after Thursday's congressional approval of a sweeping energy overhaul that aims to lure major investment and boost oil and gas output in Latin America's second-biggest economy, Reuters reported.
"Clearly, everything we have in production as well as areas where we've undertaken exploration and seismic studies and where we know that there's major hydrocarbon potential, we will also ask to keep those areas," Lozoya told Reuters.
The so-called "round zero" gives Pemex first rights to explore and produce crude at the country's onshore and offshore fields, either by itself or in association with other companies.
The proposal leaves Mexico with sovereign ownership of its reserves. But it lays out the framework for an independent regulatory system and allows a range of different contract models for foreign players.