Mexico's new president throws down gauntlet to oil majors

[Judi Lynn]

Source: Reuters

DECEMBER 5, 2018 / 1:57 PM / UPDATED 6 HOURS AGO
Frank Jack Daniel, David Alire Garcia
5 MIN READ

MEXICO CITY (Reuters) - Mexico’s new president, Andres Manuel Lopez Obrador, said on Wednesday he would not cancel contracts issued to foreign and national oil companies by his predecessor but challenged them to pump oil quickly or no further oil fields would be offered.

Lopez Obrador took office on Saturday, promising to increase the government’s role in the energy industry and roll back what he described as a 36-year neo-liberal era in which successive governments gradually opened up the economy.

During the election campaign, he pledged to review the contracts issued under a landmark energy reform for any signs of corruption. He and his team have not said they have uncovered any wrongdoing in the contracts already awarded.

. . .

How Lopez Obrador handles the energy industry will be one of the biggest challenges of his six-year term. He has promised to raise oil production from historic lows but has not fully clarified how, beyond promising more investment in the public sector.

Read more: https://uk.reuters.com/article/uk-mexico-politics/mexicos-lopez-obrador-throws-down-gauntlet-to-oil-majors-idUKKBN1O42JO?rpc=401&

[Hulk]

1. Living in central Mexico, with many Mexican friends I talk to....

...I just wanted to say my friends are ALL very hopeful and excited with this new President, and they have so much devotion to him and his challenges that he is facing. It reminds me of how we felt when Obama was first elected.

[elmac]

2. I wish our neighbors to the south all the best

I hope they finally have the leadership they deserve.