[MEXICO] Mexican reform bill “falls short"

A new Mexican oil bill aimed attracting deepwater oil companies and their supply trains is too contradictory to work despite “incentive-based” contracts and lower taxes, judging by a Dow Jones report.

The agency reported Pemex president Jesus Reyes Heroles as saying the new bill would attract new partners for his state-run company. But he qualified his optimism and reportedly said the reform bill proposed by President Felipe Calderon falls short of what Mexico needs to quickly tap today’s high oil prices.

In visits to Oslo and other oil capitals, successive Mexican energy ministers have repeated pleas for technology and oilfield investment.

Mexian oil production fell in April by nine percent to a nine-year low of 2.87 million barrels a day.

Source: Scandinavian Oil & Gas

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