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| Mexico's outgoing President (felipe calderon), Photo credit: BGL News Archive |
Felipe Calderon, Mexico's outgoing president said Mexico needs to change it's oil exploration laws in order to boost output by allowing foreign workers more access. (Reuters)
Mexico, world's 7th largest oil producer is dominated by state monopoly premex which gives private company limited access to it's oil industry.
Premex as of recent faces production shortage and thus risks becoming a net importer of crude within a decade.
Calderon called on the new administration as he would be handing over power to the President-elect Pena Nieto by the end year to reform and modernize the industry.
He hopes the new government will have not only the political will but also political support to make such an important change in the law and constitution.
Pemex, which was created in 1938 when the country's oil industry was nationalized, made new light crude oil finds in the Gulf of Mexico in August, which, if confirmed, has the capacity to produce between 4,000 - 10,000 barrels a day. Current oil output in Mexico is 2.5 million barrels per day.
Calderon is however handing over power to the new administration by December, Nieto will be sworn in on the 1st of December.
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