| Enrique Pena Nieto's Administration Unveils Secondary Energy Law Gareth Chetwynd - Upstream | |
| go to original April 30, 2014 |
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President Enrique Pena Nieto's administration laid another batch of secondary legislation before the Mexican Congress today, hoping to flesh out the sweeping energy reforms that were approved in December.
The bill offers flexible contractual terms for private companies hoping to operate in Mexico's oil and gas industries and more autonomy and lower taxes for state-run Pemex.
Energy Secretary Pedro Joaquin Coldwell outlined a mechanism that will give Mexican suppliers preferential treatment provided they can match foreign competitors in price, quality and delivery, and said that the country’s oil and gas sector would continue to be dominated by public tender systems.
He said the local content quota would need to reach a minimum of 25% by 2025.
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