FILE - In this Nov. 22, 2013, file photo, the Centenario deep-water drilling platform stands off the coast of Veracruz, Mexico in the Gulf of Mexico. The administration of Mexico's President Enrique Pena has passed laws on Aug. 7, 2014, to open its oil, gas and electric industries to private and foreign investors after 76 years of state control. (AP Photo/Dario Lopez-Mills, File)
Mexican gas, oil industries opening to foreigners
The Associated Press
First Published Aug 11 2014 01:56 pm • Last Updated Aug 11 2014 01:56 pm
Mexico City • Mexican President Enrique Pena Nieto has signed into law the rules governing a historic opening of the state-run oil, gas and electricity industries to foreign and private companies.
Pena Nieto’s action on Monday follows congressional approval of the rules for production and profit-sharing contracts for private companies.
Pena Nieto said that by Wednesday, the government will let potential investors know which blocks of gas and oil fields will be open for them.
Mexico is hoping for tens of billions of dollars in outside investment in deep-water oil drilling and shale gas production.
Mexico’s oil and gas production peaked in 2004 at 3.4 million barrels a day. It has fallen steadily since to the current 2.5 million barrels.
Copyright 2014 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
About Reader Comments
Reader comments on sltrib.com are the opinions of the writer, not The Salt Lake Tribune. We will delete comments containing obscenities, personal attacks and inappropriate or offensive remarks. Flagrant or repeat violators will be banned. If you see an objectionable comment, please alert us by clicking the arrow on the upper right side of the comment and selecting "Flag comment as inappropriate". If you've recently registered with Disqus or aren't seeing your comments immediately, you may need to verify your email address. To do so, visit disqus.com/account
. See more about comments here.