S&P: No upgrade until energy reform is final

Reuters - Ratings agency Standard & Poor's will not consider upgrading Mexico's sovereign rating until planned energy reforms pass the Congress, credit analyst Lisa Schineller said on Friday.

Lawmaker says oil reform to target deep water

Reuters - Mexico will propose energy reform that includes controversial changes to the constitution aimed at drawing private know-how to tap the country's massive deep water oil and shale gas reserves, a senior ruling party lawmaker said late Thursday.

Mexico is ramping up oil exports to India, China

Reuters - Mexico is pushing to double crude oil exports to China next year and boost India-bound shipments, the next stage of a long-term plan to diversify oil sales away from an increasingly energy-independent United States.

Energy reforms could boost petrochemicals

CNNExpansión - The approval of an energy reform that promotes private sector participation would allow Mexico to recover its place in the global production of petrochemicals. Mexico ranked seventh in the 1980s and currently ranks 20th.

Energy reform will also target electricity monopoly

Reuters - Oil politics will dominate Mexico's energy reform debate, set to kick off in earnest this week, but the government is also poised to propose an electricity overhaul that could dramatically reduce costs for businesses by as much as half.

Noble settles over $502 million tax exposure

Reuters - Offshore drilling contractor Noble Corp said it had reached a settlement with Mexico's tax authorities that resolves a potential tax exposure of $502 million. The Switzerland-based company has 11 shallow-water jackup rigs in the waters off Mexico.

Energy reform proposals emerging in Mexico

Oil & Gas Journal - Mexico’s ruling political party is expected this week to propose market-oriented energy reforms after the opposition PAN advanced a program that would open oil and gas exploration and production to private participation.

Methane gas blamed for Pemex headquarters blast

NYT - Methane gas combined with vapors emitted by solvents caused the deadly explosion at the headquarters of Mexico’s state-owned oil monopoly, Petróleos Mexicanos, or Pemex, on Jan. 31. The basement blast killed 37 people and injured more than 120 others.

Macquarie buys 49% stake in hydro-electric project

Bloomberg - Macquarie Group Ltd., Australia’s largest investment bank, acquired a 49 percent stake in a hydroelectric project that Acciona will build in Mexico. The bank invested $37 million to fund construction of the 28.8-megawatt project in Nayarit.

PAN presents its detailed energy reform plan

CNNExpansión - The National Action Party (PAN) released its energy reform proposal, which includes opening the oil sector to private companies through a system of concessions for exploration and production and amending the Constitution.

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