Receive Breaking News updates as they occur
Approval of the bill presented in the Senate would mark the end of the decades-long oil and gas monopoly held by state-run giant Pemex, which is struggling to reverse a sharp slide in oil output due to years of chronic under-investment. The bill, which would keep ownership of oil in state hands, is at the center of a package of economic reforms that President Enrique Pena Nieto hopes will re-energize Latin America's second-largest economy after years of lagging its peers. The reform would allow private investors to drill for the country's crude but stops short of full-blown concessions that oil majors had been hoping for. Furthermore, companies will not be allowed to book oil reserves on their balance sheets.