On August 12, 2013, President Peña Nieto submitted to Congress a bill amending articles 27 and 28 of the Federal Constitution, aiming to reform the oil & gas and power sectors in Mexico (the “Bill”). The Bill is being submitted in the context of the “Pact for Mexico,” which is a pact among the three main political parties to create the consensus required to enable Congress to pass necessary structural reforms.
1. Oil, Gas and Petrochemicals -
Restriction on Entering Into Profit Sharing Arrangements With Private Companies
to Be Repealed -
The Bill proposes to eliminate from the Federal Constitution a provision that prohibits the Mexican Government from entering into exploration and production contracts with private companies. The specifics of this new regime will not be fully known until secondary laws are implemented.
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