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 Business News | March 2008 
Mexico's Ruling Party Drafts Proposal to Open Border Oil Wells
 Adriana Lopez Caraveo & Jens Erik Gould - Bloomberg
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Mexican President Felipe Calderon's party has drafted a bill that would allow state oil company Petroleos Mexicanos to jointly develop border oil wells with private and foreign companies.
Alonso Manuel Lizaola de la Torre, a member of Calderon's National Action Party in the lower house of Congress, said he had planned to present the initiative yesterday. Hector Larios, his party leader in the lower house, asked him to postpone it.
"I was ready to read it yesterday, but they told me to stop it," Lizaola de la Torre said today in an interview.
The draft proposal would allow outside investment in offshore fields near the U.S. maritime border. Proponents of energy reform in Mexico have said the country needs alliances to reach deep-water deposits in the area to prevent U.S.-based producers from depleting fields that straddle the border.
To contact the reporters on this story: Adriana Lopez Caraveo in Mexico City at adrianalopez(at)bloomberg.net; Jens Erik Gould in Los Angeles at jgould9(at)bloomberg.net |
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