Mexico Energy Reform Update: Key "Secondary Laws" Proposed - President Peña Nieto Sends Senate Laws And Amendments To Bring Private Investment To Oil, Gas And Electricity Industries

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HIGHLIGHTS:

  • A pivotal step in Mexico's game-changing energy reform process was taken this week when President Enrique Peña Nieto asked the Mexican Senate to pass new energy-related laws and amend existing ones.
  • Mexico's sweeping energy reforms involve the exploration and exploitation of oil and gas as well as the generation of electric power, and are designed to end to the federal government's energy monopoly and invite private investment.

On December 20, 2013, Mexico's Official Federal Gazette (Diario Oficial de al Federación, which is akin to the Federal Register in the United States) published constitutional reforms modifying articles 25, 27 and 28 of the Mexican Constitution. These "Energy Reforms" will utterly transform the way in which the country handles the exploration and exploitation of oil and gas, as well as the generation of electric power.

For the reforms to be finalized, however, "secondary laws" have to be approved. This week, President Enrique Peña Nieto submitted those bills to the Mexican Senate. They propose nine new laws and amendments to 12 current laws that involve the country's energy sector.

New Laws Being Proposed

The new laws the president proposed are Mexico's:

  1. Hydrocarbon Law
  2. Electric Industry Law
  3. Geothermic Energy Law
  4. Law of the National Agency for the Industrial Safety and Environmental Protection of the Hydrocarbon Sector
  5. Pemex Law
  6. Federal Energy Commission Law
  7. Law for the Regulatory Entities of the Energy Sector
  8. Hydrocarbon Incomes Law
  9. Mexican Oil Fund for the Stabilization and Development Law

Laws to Be Amended

The existing laws the president seeks to amend are Mexico's:

  1. Foreign Investment Law
  2. Mining Law
  3. Public Private Partnership Law
  4. National Waters Law
  5. Federal Law of Public Entities and Organizations
  6. Government Procurement, Leasing and Services Law
  7. Public Works and Related Services Law
  8. Federal Government Organizational Law
  9. Federal Governmental Fees and Charges Law
  10. Tax Coordination Law
  11. Federal Budget and Treasury Accountability Law
  12. General Public Debt Act

 

Topics:  Energy, Energy Reform, Mexico, Oil & Gas

Published In: General Business Updates, Energy & Utilities Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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