Mexico City, Mexico - On Wednesday, President Enrique Pena Nieto's administration followed up on last year’s historic energy reform by handing down a series of secondary laws to be considered for vote by the Mexican Congress.

The new bill, which would modify the 13 existing laws and create eight new ones, seeks to establish the rules by which private firms would extract and sell Mexican energy resources. The initiative offers flexible contractual terms tailored toward attracting quick investment, as well as more autonomy and lower taxes for state-run Petróleos Mexicanos, or Pemex.

During a Wednesday morning press conference, Energy Secretary Pedro Joaquin Coldwell said the proposal would keep energy resources under the charge of the state while simultaneously opening them to extraction and sales by private and foreign firms. The one exception is the sale of gasoline to the public; the opening of that market to private investment will come gradually and in tune with the growth of accompanying infrastructure, according to Coldwell.

The Secretary outlined a mechanism that will give Mexican suppliers preferential treatment provided they can match foreign competitors in price, quality, and delivery. Bidding over contracts awarded by the state allowing foreign companies access to energy reserves would be made public on the internet.

The Mexican government believes the reforms can boost investment by $3 billion per year and expects oil production to surge to 3.5 million barrels by 2025 - a 40 percent increase from current levels. A new agency will be created to oversee the increased impact the industry will have on the environment.

Pena Nieto's energy bill also proposes a "highly progressive" tax framework, with levies rising for bigger fields or when oil prices increase.

"The new laws will lower the fiscal burden on Pemex to an average of less than 65 percent of the company's revenue from 79 percent currently," said Finance Minister Luis Videgaray at the press conference.

The current session of Congress ended on Wednesday and it is not formally due to reconvene until September, meaning legislators will probably call for special sessions during May and June to consider the energy bill.