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Mexico signs landmark energy law

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By The Los Angeles Times
Monday, Aug. 11, 2014, 7:06 p.m.

MEXICO CITY — President Enrique Pena Nieto on Monday signed into law Mexico's landmark energy reform legislation and announced that his government could name as early as this week the first oil and gas fields that will be opened up to foreign investors.

“It is the moment to put the energy reform into action,” Pena Nieto said in an elaborate signing ceremony at the National Palace.

He said details will be released on Wednesday on the areas of oil and gas production and exploration that will remain under the purview of the state energy monopoly Petroleos Mexicanos, or Pemex. Then, areas where Pemex can form partnerships with outside companies will be designated.

Officials hope to attract billions of dollars in outside money and bring in the expertise and technology to reverse the country's declining oil production.

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