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Mexico Passes Oil Opening Forecast To Lure $20 Billion A Year

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December 17, 2013

The nation’s most significant economic reform since the North American Free Trade Agreement secured the required two-thirds majority in a 353-134 lower house vote Dec. 12. The proposal must be ratified by state assemblies, the majority of which are controlled by the alliance backing the reform.

The bill will change Mexico’s charter to allow companies such as ExxonMobil Corp. and Chevron Corp. to develop the largest unexplored crude area after the Arctic Circle. Supporters say the overhaul could propel Mexico into the top five crude exporting countries while opponents say ...

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