Mexico’s lower house approves oil and gas production reform measure

Mexico’s lower house approves oil and gas production reform measure Mexico's lower house passed a long-awaited energy bill that aims to break the state-owned Pemex's monopoly on oil and gas production after 75 years, Bloomberg reported.

With the bill nearing final approval, private companies will be allowed to invest in Mexico's oil and gas industry, which is worth $95 billion, according to Forbes. The passage of the bill 354-134 by the lower house comes after the Senate approved it on Dec. 10. By opening the country's oil and gas industry to private investors, Pemex could strengthen its oil and gas production operations and generate jobs, according to the ruling Institutional Revolutionary Party.

"This is a very important reform, probably the most important reform of the past 30 years in economic terms," Jorge Chabat, a political scientist at the Center for Economic Research and Teaching, a Mexico City-based university, told Bloomberg in a phone interview. "We will probably see many private investors coming to Mexico and many jobs generated. This is a big decision, and a big victory for [President Enrique] Pena Nieto."

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