Mexican President Enrique Pena Nieto today said his country is committed to moving forward with sweeping energy reforms it passed two years ago despite the oil market downturn. In a keynote speech at IHS CERAWeek in Houston, Pena Nieto noted that Mexico awarded 30 contracts in the first rounds of bidding since it opened its energy sector to private investment in 2014.
“Despite the low international oil prices, the world is trusting and investing in Mexico,” Pena Nieto said.
Bloomberg noted in a report on Sunday that some opponents of energy reform within Mexico feel vindicated by the unfortunate timing of the law — Pena Nieto signed the reform bill in August 2014, just a few months before oil prices began to fall. The successes touted by Pena Nieto notwithstanding, fewer foreign players than expected lined up to invest in Mexico’s energy sector.
But Pena Nieto today stressed that Mexico would “maintain the rhythm” of oil contracts. He also announced that a new round of bidding would begin in the “first days of December.”
“This decision demonstrates and confirms the commitment of the Mexican government with the energy reform implementation, in a fast and decisive way,” he said.
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