The bill, sponsored by Mexico's ruling party, Institutional Revolutionary Party (PRI), could result in a rise of 1.5 million barrels per day of oil and double natural gas production by 2025, according to The Wall Street Journal. With an influx of private capital, Mexico could reinforce Pemex's oil production after the state oil giant's production peaked back in 2004 at 3.4 million bpd.
The majority of Mexicans are in favor of private investment in the country's oil industry, according to surveys by the Center for Economic Research and Teaching, also known as CIDE, in Mexico City and newspaper Excelsior.
"Many of us here, not all, believe our country's energy model is worn out," David Penchyna, PRI party member and head of the Senate energy committee, said before the vote, according to Reuters.
The energy reform bill was passed 95-28 by the Senate and now moves to the lower house of Congress for voting.