New oil management law in Mexico

Sep 23, 2009 02:00 AM

The Secretariat of Energy (Sener) ordered the state-owned Pemex to establish the National System of Hydrocarbon Information, which will include a registry of permits, authorisations, verifications, inspections and decrees for zones where oil will be extracted, among other data within one year following a federal law.
Sener also told Pemex the information gathered must be available to the public.

The database will also include a list of oil reserves with estimates of the exact, probable and likely amounts remaining, the types of material and the original volumes. In addition, the registry will contain geological information with studies on explored or exploited basins, wells and other areas holding oil.
Sener must establish the necessary mechanisms to guarantee public access to this important information.

The new oil management law also proposes that the executive branch give Sener the authority to define and establish Petroleum Reserve Zones, prohibiting or restricting exploration anddrilling capacities. Sener will also have the power to grant drilling titles to Pemex and its subsidiaries, issue permits to decentralised agencies to transport, store, distribute and sell oil domestically.
The law allows Pemex and its subsidiaries to enter into agreements with individuals or corporations to begin projects and provide services required to extract and process crude. Finally, the new regulations give Pemex and its subsidiaries one year to review and update parts of its bylaws and other legal regimens so that they conform to this new law.

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