Do More With Reuters
Partner Services

FACTBOX-Mexico energy reform debate

Tue Apr 29, 2008 2:11am IST
 
Email | Print | | Single Page
[-] Text [+]

April 28 (Reuters) - Latest developments as Mexico's ruling conservatives court opposition lawmakers to an energy proposal that would allow more private investment in the state -controlled oil industry in hopes of boosting output.

Compiled from Reuters stories, Mexican newspaper reports, television and radio.

** Thousands of people, some dressed in oil worker jumpsuits, on Sunday protested a Mexican energy reform proposal that leftists call a veiled attempt to privatize the cherished state industry.

** Left-wing Mexican lawmakers protesting an oil reform proposal they see as creeping privatization ended a two-week congressional sit-in on Friday after ruling conservatives and their centrist allies offered a broad debate on the issue.

** Aimed at shoring up flagging output and reserves in the world's No. 6 oil producer, President Felipe Calderon's proposal would let state monopoly Pemex sweeten oil field service contracts with private companies using performance-based bonuses. Left-wingers say that would violate a ban on private companies exploring for and producing oil in Mexico.

** Ruling National Action Party, or PAN, leader German Martinez accused leftist protest leader Andres Manuel Lopez Obrador of trying to "sabotage" the country by holding up the energy bill, but says he will not derail the reform plan. "They haven't even gotten rid of a comma," he says.

** The left-wing Party of the Democratic Revolution, or PRD, is bitterly divided into moderate and more radical factions since an unresolved March 16 leadership election.

** Prospective deepwater crude reserves in the Gulf of Mexico, which Pemex wants to explore with foreign partners, could boost Mexican reserves to more than 60 years' worth if confirmed, compared to nine years' worth of proved reserves today, Energy Minister Georgina Kessel says. (Editing by David Gregorio)

special coverage

Budget 2009
Budget 2009

The government presents the budget for the full fiscal year 2009/10 on July 6.  Full Coverage 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

SHOWCASE

Photo
Is the budget over-rated for personal finance?

Expectations are high given the outcome in the general elections.  Commentary 

 
Nilekani: Infosys' loss or govt’s gain?
Nilekani: Infosys' loss or govt’s gain?

Nandan Nilekani has resigned from the Infosys board to join the government.  Commentary | Slideshow 

 
Launched

Tata Motors announced the launch of Jaguar and Land Rover vehicles in India.  Slideshow | Video 

 
Satyam
The new Satyam

Stay updated with the developments at Satyam.  Full Coverage 

 
M&A Review
M&A Review

A review of mergers and acquisitions.  Full Coverage 

 
Financial Turmoil Timeline
Financial Turmoil Timeline

A round-up of measures taken by the U.S Federal Reserve since June 2007 to tackle the financial crisis.  Full Coverage