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Mexican President Felipe Calderón submitted an energy reform proposal to the Senate on the 8th, aiming to revitalize Mexico's declining oil production. The plan seeks to grant greater autonomy to the state-owned Pemex, while encouraging collaboration with both foreign and private companies. This move is intended to address long-standing challenges in the country’s oil sector, including aging infrastructure, technological limitations, and decreasing output.
In a televised address on the same day, Calderón emphasized that the reform would provide Pemex with access to advanced technology and much-needed capital to boost deepwater oil extraction in the Gulf of Mexico. He also highlighted the importance of accelerating refinery construction to meet domestic demand and reduce reliance on imported fuel. Despite these changes, the president reiterated that the Mexican government has no plans to privatize the oil industry, maintaining its commitment to national control over energy resources.
As part of the reform, Calderón proposed that Pemex issue "citizen bonds" — a financial instrument available for purchase by all Mexican citizens. This initiative aims to create a new source of funding for the company, involving the public in the development of the nation’s energy sector.
The Gulf of Mexico is one of the world’s most promising regions for oil and gas exploration, particularly in deepwater areas. Since the nationalization of Mexico’s oil industry in 1938, the Constitution had strictly prohibited private or foreign involvement in oil and gas operations. However, with production levels falling and technological capabilities lagging, the government announced on March 30 that it would open the door to partnerships with foreign and private firms. These collaborations are expected to bring in cutting-edge technologies and advanced equipment for deepwater drilling, as well as support the development of new oil fields and refining facilities.