Wednesday, 05 March 2014 00:10
THE NEWS
President Enrique Peña Nieto presented his 2014-28 National Energy
Strategy to the Senate on Tuesday, containing a diagnostic of the
current state of Mexico’s energy sector, as well as the projected impact
of last year’s energy reform and the future investments in hydrocarbon
and electricity production that it is expected to promote.
According to the strategy document, the reform will accelerate the
investment process in the energy sector, allow for a more diversified
portfolio of domestic energy projects, eliminate bottlenecks, improve
efficiency, promote social inclusion and strengthen the country’s
political institutions.
Peña Nieto projects that the reform will have boosted Mexico’s Gross
Domestic Product (GDP) by an estimated 1 percent by 2018 — the year he
will leave office — and by almost 2 percent by 2025, by which time he
said that 2.5 million new jobs will have been created in the energy
sector.
The strategy document states that the country is currently in a
critical period for the success of the reform, as Congress still has yet
to pass secondary legislation that will regulate the terms under which
privately-owned companies will be able to invest in the Federal
Electricity Commission (CFE) and state-run oil company Pemex.
The Energy Secretariat must also define the areas in which Pemex can
engage in oil and natural gas exploration and production, in accordance
with the technical consulting of the national Hydrocarbons Commission
(CNH), which will be responsible for developing and maintaining
databases on the oil reserves and geological conditions in different
regions of the country.
The CNH will also issue the technical requirements that potential
business partners of Pemex must meet in order to be awarded contracts,
while the Regulatory Energy Commission (CRE) will be in charge of
granting permits for the transportation, storage and distribution of
gasoline, natural gas and other hydrocarbon-derived products.
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