Following three months of deliberations by the Mexican Congress, and with only limited revisions to the proposed legislation presented by President Enrique Peña Nieto at the end of April, at around mid-day on Monday, August 11, 2014, President Enrique Peña Nieto signed the decree that promulgated the nine new laws and 12 amendments that comprise the secondary legislation of Mexico’s energy reform. This marks the next milestone in Mexico’s historical energy reform.
In addition to signing the legislation into law, President Enrique Peña Nieto set forth a list of action items to be completed in short order for purposes of maintaining the momentum of the reform. The first of these items will be the presentation of the award results of Round Zero, which will identify the fields Pemex will be allowed to maintain and develop. Although the award was originally scheduled to be made by mid-September, President Enrique Peña Nieto announced that the award will indeed be made by this Wednesday, August 13, 2014, thereby,
1) allowing Pemex to identify the fields for which it seeks to co-develop with third parties by the end of the week, and 2) setting forth the landscape of fields for bidding Round One, which will allow third parties to independently develop such fields and is to take place in the first quarter of 2015.
Additional action items to be undertaken over the next nine months include the formation of additional regulatory bodies and agencies, the transformation of Pemex into an autonomous body, the creation of certain energy programs and regulations, and the issuance of the bid requirements and related form agreements for Round One bidding.