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Senate Gives Final Approval for Mexican Energy Reform
Further to the Company’s announcement on 16 and 23 July 2014, MX Oil plc, the AIM listed oil and gas company focused on the re-opening Mexican energy sector, has responded to, following approval from the Lower Congress, the Mexican Senate gave final approval early on Tuesday with regards to the legislation required to reopen Mexico’s vast energy industry to the private sector.
Senators are currently debating the other supporting bills and once these are approved, President Enrique Pena Nieto will be able to give the final seal of approval on the energy overhaul.
MX Oil’s Chief Executive Officer Stefan Olivier said, “The timing of these transformational reforms in Mexico could not come at a better time for MX Oil. Having just announced the signing of a JV with a highly established Mexican partner, Geo Estratos, appointed two extensively experienced directors to our Board, and raised £2 million, we are in an ideal position to focus our efforts on unlocking the massive potential that the re-opening Mexican energy sector has to offer. I look forward to providing further updates at this exciting time.”
Background Information on Mexican Energy Reforms:
The secondary laws currently being finalised follow the passing of energy reforms in December 2013. The reforms are focused on reversing a decline in oil and gas production in Mexico over the past decade by ending state-owned Pemex’s monopoly and, in the process, opening up the sector to foreign investment and expertise. The secondary legislation is required to provide the necessary framework and rules that will allow this reform to be implemented in practice.
