The secondary rules opening Mexico's oil and gas fields to outside exploration for the first time in modern history likely will be approved this weekend, paving the way for U.S. investment in the first half of 2015, observers say.
The lower house of the Mexican congress is nearing a final vote on seven laws that detail the liberalization of the nation's petroleum market. The laws have already been approved by the country's senate, and President Enrique Pena Nieto has said he's prepared to sign the measures.
"We're near the endgame, in that once these laws are signed, it's official that Mexican oil and gas business is open to foreign investment," says Luis F. Gomar, partner-in-charge of law firm Strasburger & Price's Mexico City office. "We should see the approval on Friday, or by Sunday at the latest."
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