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Recently, Mexican President Peña Nieto signed an energy reform bill that ended Pemex's monopoly on oil and gas in the country and opened the country's market
to private investors, the world's ninth-largest oil producer.
The biggest result of the bill is that the Mexican oil market will shift from a monopoly dominated by Petromex to a competitive market
that allows private oil and gas companies to explore and produce oil and gas.
Petromex remains state-owned and has priority in bidding for oil blocks
.
Under the bill, Petromexico will have three months to select existing exploration and production areas it wishes to retain, while submitting proof of
its ability to conduct exploration and development.
The energy ministry will have up to six months to approve Petromexico's options
.
Subsequently, it is expected that in the fourth quarter of 2014 or 2015, the Mexican Ministry of Energy will launch the first round of tenders for new oil and gas exploration areas, mainly for the exploration and development
of deepwater and shale gas.
(Xiaohua)
