Mexico Joint Energy Proposal to Break $95 Billion Monopoly

energy - oil pumpsBloomberg, 12/9/2017

Senators from Mexico’s two biggest political parties proposed a bill to break the nation’s 75-year oil monopoly by amending the constitution to allow production sharing contracts and licenses for outside producers.

The joint legislation would allow private companies such as Exxon Mobil Corp. (XOM) to develop fields in the largest unexplored crude area after the Arctic Circle as state-owned Petroleos Mexicanos seeks to reverse eight years of falling output. The bill would allow companies to log crude reserves for accounting purposes, which may make it easier to secure project financing.

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