12th Aug 2014 08:58
LONDON (Alliance News) - MX Oil PLC Tuesday welcomed the approval of legislation in Mexico to reopen the country's energy industry to the private sector, saying it is well positioned to benefit from the changes.
Mexican President Enrique Pena Nieto has now approved the legislation, following approvals from its Lower Congress and Senate, ending the monopoly of state-owned oil group Petróleos Mexicanos, or Pemex.
MX Oil also said the Mexican government intends to announce that the oil fields Pemex will retain for production on August 13 rather than on September 17, meaning contracts can be awarded to the private sector as early as the first quarter of 2015.
"The 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," said MX Oil Chief Executive Stefan Oliver.
MX Oil shares were up 1.5% to 3.5 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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