NEWS
Published: 2014-08-19
On August 11th of 2014 with the evening publication of the Official Journal of the Federation the legislative stage of the constitutional reform published the 20th of December of 2013 was completed, the aim of this reform is to avoid monopolies in the oil and electric industry retaining ownership of the hydrocarbons in the subsurface and their extraction.
As a result of this legislative process for regulation of articles 25, 27 and 28 of the Mexican Constitution, 9 regulatory laws were issued including:
1.- Hydrocarbons law
2.- Law of the electric industry
3.-Law of coordinated regulatory bodies on energy
4.- Mexican petroleum law
5.- Law of the Federal Electricity Commission
6.- Law of the national agency for safety and environmental protection on the hydrocarbon sector
7.- Law of geothermal energy
8.- Law of hydrocarbon revenues
9.- Law of the Mexican oil fund for stabilization and development
This is how with issuance of this secondary laws in the hydrocarbon industry, the business model is modified in at least 3 aspects:
1) Not alter the property of the Nation on hydrocarbons despite the exploration and extraction of hydrocarbons is open to the participation of the social and private sectors in exchange of economic benefit based on the obtained resources.
2) The basic petrochemicals as a strategic area is no longer a monopoly area, allowing the particulars to participate through the issuance of permits in the subsequent extraction activities (Transportation of crude oil, natural gas and liquids, etc.)
3) Restructuring of Pemex, as in the areas of transparency and accountability, and divides its subsidiaries in the division of Industrial Transformation and the Exploration and Production division.
As a result of this legislative process for regulation of articles 25, 27 and 28 of the Mexican Constitution, 9 regulatory laws were issued including:
1.- Hydrocarbons law
2.- Law of the electric industry
3.-Law of coordinated regulatory bodies on energy
4.- Mexican petroleum law
5.- Law of the Federal Electricity Commission
6.- Law of the national agency for safety and environmental protection on the hydrocarbon sector
7.- Law of geothermal energy
8.- Law of hydrocarbon revenues
9.- Law of the Mexican oil fund for stabilization and development
This is how with issuance of this secondary laws in the hydrocarbon industry, the business model is modified in at least 3 aspects:
1) Not alter the property of the Nation on hydrocarbons despite the exploration and extraction of hydrocarbons is open to the participation of the social and private sectors in exchange of economic benefit based on the obtained resources.
2) The basic petrochemicals as a strategic area is no longer a monopoly area, allowing the particulars to participate through the issuance of permits in the subsequent extraction activities (Transportation of crude oil, natural gas and liquids, etc.)
3) Restructuring of Pemex, as in the areas of transparency and accountability, and divides its subsidiaries in the division of Industrial Transformation and the Exploration and Production division.