MX Oil plc, the AIM listed oil and gas company focused on the re-opening Mexican energy sector, is pleased to note that President Enrique Pena Nieto has approved legislation required to reopen Mexico鈥檚 vast energy industry to the private sector.
This follows approval by both the Lower Congress and the Senate and completes the legislative process required to end state-owned Pemex鈥檚 monopoly and, in the process, open up the energy sector to foreign investment and expertise.
MX Oil also notes the government鈥檚 intention to announce the oilfields that Pemex will retain for production, known as 鈥榬ound zero鈥�, on 13 August 2014 rather than 17 September 2014, thereby allowing contracts to be awarded to the private sector as early as Q1 2015.
MX Oil鈥檚 Chief Executive Officer Stefan Olivier said, 鈥淭he speed with which Mexico is opening up its energy industry vindicates our decision to position MX Oil as an early mover in what promises to be a new hydrocarbon frontier for the international oil and gas sector.
鈥淚 look forward to providing further updates on our progress as we work with our established local partner, Geo Estratos, to secure interests in highly attractive concessions which, through development, have the potential to generate significant value for our shareholders.鈥�
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