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Editorial/Opinion

 

Carlos Bellorin : Mexico Energy Reform "Secondary Laws" Approved by the Congress

 

 

On 6 August 2014, the Senate approved the Federal Budget and Tax Responsibility Law and the General Law on Public Debt which make up the last bill package comprising Mexico's Energy Reform “secondary legislation”. Now, all the nine new laws and 12 amendments are with the executive awaiting promulgation and signature by President Enrique Peña Nieto.

On 30 April 2014, Mexico's President submitted the Energy Reform ‘secondary laws' to the Congress for discussion.

The ‘secondary laws' are aimed at implementing the Constitutional Energy Reform passed on 11 December 2013 which breaks the state and PEMEX monopoly in the hydrocarbons industry and allows private participation in the whole hydrocarbons industry chain.

This reform, which is comprehensive, also includes major changes in non-hydrocarbons related areas, such as the power generation, mining and water sectors. A ‘Hydrocarbons Law', a ‘Law on Hydrocarbons Revenues' and a ‘PEMEX Law' containing all the details on the fiscal, legal and contractual framework for upstream operations, are included among the new laws.

With this legislation, Mexico is effectively open to foreign investment into its hydrocarbons sector. This reform is regarded as the most important event in Mexico's hydrocarbons industry since the “oil expropriation” of 1936.

On 17 September 2014, the “Round 0” is expected to take place. This round is regarded as the next most important event of the Energy Reform after the approval of the “secondary legislation”. On this date, the Energy Secretariat (SENER) will issue its decision on what areas PEMEX will be able to keep in its portfolio based on the company's request submitted on 21 March 2014. The areas that are not awarded to PEMEX will be offered through competitive bid rounds.

The approval of the “secondary legislation” keeps Mexico on target for launching its first international bid round in mid-2015 under the new legislation.

Mexico's Energy Reform – Secondary Legislation Laws

New Laws

Amendments

1. Hydrocarbons Law

1.     Foreign Investment Law

2. Hydrocarbon Revenues Law

2.     Mining Law

3. Electricity Industry Law

3.     Public-Private Partnerships Law

4. Geothermal Energy Law

4.     Federal Law on Government Rights

5.  Law on the Coordinated Regulating Agencies of the Energy Sector

5.     Fiscal Coordination Law

6.  Law that Creates the National Agency of Industrial Security and Environmental Protection of the Hydrocarbon Sector

6.     National Water Law

7.  Petróleos Mexicanos (PEMEX) Law

7.     Federal Budget and Tax Responsibility Law

8.   Law on the Federal Electricity Commission (CFE)

8.     General Law on Public Debt

9.  Law on the Mexican Petroleum Fund for Stabilization and Development

9.     Organic Law on the Federal Public Administration

10. Acquisitions, Leases and Services of the Public Sector Law

11. Federal Law of State-Owned Entities

12. Law on Public Works and Services Related to Them


Carlos Bellorin, Senior Petroleum Legal Analyst, IHS Energy
(carlos.bellorin@ihs.com). Petroleumworld does not necessarily share these views.

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Petroleumworld News 08/08/2014

 

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