Energy Reform Collects $70 BLN In Investments In Two Years

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newsfrontThe Energy Secretariat (Sener) announced that the new energy reform has already raked in $70 billion in investments and could reach $100 billion by the end of 2017.

“If we take into account awarded investments instead of investment expectations, the value chain of the energy sector — hydrocarbons and clean energy — adds up to $70 billion, which will start to flow into the country in the next few months and will continue all through the present and upcoming presidential terms,” said Energy Secretary Pedro Joaquín Coldwell.

The last bid of the round yielded $34 billion, five times more than the past three bids.

“These eight contracts add up to 2.4 million barrels of crude oil, which is 10 times the prospective resources awarded in the first three bids. This represents only a tenth of the total resources estimated to be available in deep waters in the Gulf of Mexico. Hence, this bid is known by experts and media as the Crown Jewel,” said Coldwell.

These eight contracts with 48 new companies — 26 of which are Mexican — will be part of the this opening of the energy industry.

“This is a landmark to the national industry. From now on we will be working with the giants of oil production, which will level our country to the most developed oil-producing countries in the world,” said Coldwell.

Source: The News