1 I. The Objectives of the Reform. The bill being submitted by the Federal Executive for the consideration of the Congress of the Union, proposes that Constitutional Article 27 return to state what President Lázaro Cárdenas left written, word for word, that is, to develop the oil industry under the stewardship of the State. Furthermore, the bill promotes development of a national electrical system based on technical and economic principles, under the leadership and regulation of the State. The objectives of this Energy Reform are as follows: (i) (ii) (iii) (iv) Improve families economic situation: Electricity and gas bills will drop in cost. With cheaper gas, it will be possible to produce better priced fertilizers, which will result in more economical foods. Increase investments and employment: New jobs will be created in the coming years. With new companies and lower rates, there will be roughly half a million more jobs in this 6-year presidential term and 2.5 million more by 2025, throughout the country. Strengthen PEMEX and the CFE: Greater freedom will be given to each company in its decisions toward modernizing and producing better results. PEMEX and the CFE will continue to be companies that are 100% Mexican and 100% state-owned. Strengthen the stewardship of the State as the owner of the oil and gas, and as regulator of the oil industry. II. Energy Reform of Oil and Gas. The Constitutional level Energy Reform is necessary for two reasons: 1) to produce more hydrocarbons at a lower cost, allowing private companies to complement Pemex s investment through contracts for oil and gas exploration and extraction, and 2) to obtain better results under competitive conditions in refining, transportation and storage, allowing private companies to participate under the regulation of the Government of the Republic. The country will be left with oil revenues, that is, all benefits obtained from oil and gas production, after cash is paid to companies for operating costs and capital, according to transparent, predetermined rules. In addition, all companies will have to pay the corresponding taxes and royalties. Pemex is not selling or privatizing, it is growing stronger. Pemex will remain a 100% Mexican company. It is time to allow it to be joined by national and international partners to carry out new projects, without compromising our heritage. It will also be possible for individuals to participate in the refining, petrochemical development, transportation and storage of oil and gas and their derivatives, in order to produce more, cheaper fuel. This was the idea laid out by President Lázaro Cárdenas in his time.
2 1. What is our petroleum industry like nowadays? Mexicans today have two major challenges with respect to oil and gas: 1) to enable individual companies to share with Pemex their experience, technology and the risk, when it is convenient for Mexicans, and 2) to ensure enough power at a good price for proper national development. Do we need private companies to complement the work of Pemex? Although Pemex is an expert in extracting oil from the sea at shallow depths, there is significant oil in harder-to-reach places that requires technologies, experience and more investment to enable its extraction. For example, projects to extract oil in deep water (sea area with depths between 500 and a 1,500 m) and ultra-deep water (sea area deeper than 1,500 m) are very expensive and very risky. The deposits that lie in the jurisdiction of the United States in the Gulf of Mexico are similar to those in our country. However, while the US already produces one million barrels of oil per day in deep water, Mexico has still not produced a single barrel of oil from such reservoirs. It has not been easy for the United States to achieve and sustain this deepwater production. Each year more than 100 wells are drilled in these fields. In 2012 alone, 137 deepwater and ultra-deepwater wells were drilled. This would not have been possible without the participation of more than 70 oil companies. In contrast, in Mexico, although 2012 was a record year in terms of Pemex activity in deep water, only six wells were drilled, and for purely exploratory purposes, so there is still no oil being produced from deepwater drilling in Mexican waters. The following map shows the Gulf of Mexico, the length of which is shared between Mexico and the United States. On the US side we can see the location of multiple wells drilled. On the Mexican side however, there is virtually no activity apparent.
3 Activity in deep and ultra-deep waters of the Gulf of Mexico, both in Mexico and the United States. Source: SENER based on National Geographic Nor are we adequately exploiting the oil and gas we have in shale rocks (oil- and gas-containing rocks that require fracturing to obtain their resources). In 2012, the United States authorized more than 9,000 wells to produce oil and gas from shale, while in Mexico only three were authorized. The same applies to the oil in mature fields (fields with increasingly less natural pressure to remove the oil); if adequate technology were properly applied, we could extract more oil and gas from these fields. For example, in the following satellite image you can see the great expanse that covers the shale field in Eagle Ford in the United States. There is so much activity that at night you can clearly see the area's economic development. By contrast, on the Mexican side, which has the same oil and gas potential, there is no activity and the only light corresponds to lights from the cities in the area.
4 Activity in the shale field of the Eagle Ford Formation in Texas Source: SENER based on Nasa. Mexico has oil and gas in deep and ultra-deep waters, as well as in shale fields and mature fields, but at present, according to the Constitution, only Pemex can search for and extract it. We need more businesses, technology and investment to further develop the national oil industry. Moreover, the easy oil is running out in Mexico and worldwide. While we have earmarked more and more funds for Pemex, the country's oil production has declined, as shown in the following chart. In just eight years we have stopped producing about one million barrels of oil, even though we are investing record amounts in this activity.
5 Investment in Pemex vs. Oil Production 2013 Data: January-April average in oil production. Source: Pemex (Petróleos Mexicanos) Institutional Database, June No company in the world all by itself extracts every type of oil or is an expert in everything, so we, like Brazil, Colombia and many other countries, must allow other companies that have the expertise to extract oil from deepwater and shale rocks, to complement the company that belongs to all Mexicans. In short, Pemex must be joined by individuals, when it suits the country. We cannot ask Pemex to do everything and do it alone, and insist that where it cannot act effectively no one else may be allowed to do so. It is in our interests to have other companies share with the Government the risks involved in extracting oil and gas from areas that have not been studied. Why is it necessary to ensure the energy in the country? Is there a risk of having no energy? With respect to gasoline and diesel, the Constitution states that only Pemex can produce them, so if Pemex does not produce enough, no one else can do so. As such, we have to import 49% of the gasoline we use. Although we export much of our crude oil, we have to import it already processed as fuel. The same applies to the gas. Pemex production is insufficient, so 33% of the gas we consume is imported. We have even come to the point of limiting the industry s gas consumption. In addition, 65% of the petrochemicals consumed nationally come from abroad.
6 Therefore we must strengthen the exploration and extraction of oil and gas, as well as refining and the national petrochemical industry, with the participation of private companies, to ensure that we have sufficient fuel and at fair prices. 2. Content of the Oil and Gas Energy Reform. The proposed oil and gas energy reform comprises the following: a) That Constitutional Article 27 would revert to stating what President Lázaro Cárdenas left written, word for word, following the petroleum expropriation. Mexico's first major reform energy was driven by President Lázaro Cárdenas. The spirit of Cárdenas' reform was nationalistic certainly, but also modernizing, visionary and pragmatic. Its key element was that it ensured ownership and guidance of the State in the control of hydrocarbons, while considering private sector participation in various activities. The model he conceived was based on the exclusivity of state ownership of underground resources; the suppression of individuals rights to oil and gas through concessions; the incorporation of private contracts to explore and extract under the conditions established by the nation, and the possibility that individuals would undertake refining and transportation activities at their own cost, among other concepts. The model promoted by President Lázaro Cárdenas does not correspond to the current Constitution, which is the result of subsequent reforms. Therefore, reverting to the original Cárdenas design, which is the reason this bill is being presented to the Assembly, involves a necessary constitutional amendment. b) Strengthening Pemex, in giving it greater freedom and an organization that strengthens it as a productive, modern state-owned company: the pride of many generations. The Energy Reform will enable Pemex to concentrate on the oil industry s substantive activities. The basis of the restructuring is to form a single Pemex by eliminating duplications generated by having four Subsidiaries, strengthen support functions for operations, and increase transparency in the creation of value in each of its activities. Pemex s Subsidiary Bodies will be integrated into two divisions: Exploration and Production, focused on the extraction of hydrocarbons (oil and gas), from the incorporation of reserves to delivery for processing or end use, and Industrial Transformation, aimed at processing oil and gas to produce fuels, oil-bearing products and petrochemicals. Centrally, the current areas of Administration, Finance, Operations, Legal Affairs, Information Technology and Business Processes will remain. To enable the use of synergies and eliminate duplication, areas of Procurement and Logistics will be created. Centralized procurement of critical supplies will allow for better purchasing conditions, greater transparency and efficient communication with suppliers. Links with national suppliers will be strengthened. Integrating logistics areas paves the way for maximizing
7 synergies and provides transparency in costs associated with the movement and storage of hydrocarbons. With the integration of four Subsidiaries in two divisions, Pemex transfer prices and duplications will be eliminated without losing economic and operational control of core activities. c) The Tax Reform will establish a new fiscal regime for Pemex with conditions similar to those now held by other companies in the world. This will allow it to be more competitive, with greater resources for investment. One of the pillars of the Energy Reform is the strengthening of Pemex. In this regard, we propose to redefine the relationship between Pemex and the Mexican state, from a narrow view as a generator of revenue in the short term, to a broader, more long-term perspective. The new fiscal regime that will be proposed for Pemex as part of the Tax Reform, will be consistent with this change in approach. Today, the tax regime for Pemex is supported by a rigid schedule of fees, which are determined without fully recognizing the investment needs of the company. In other countries, such as Brazil, Colombia and Norway, national oil companies pay more moderate contributions than Pemex pays today and then, depending on the return on investment, there is greater flexibility in making the decision whether to reinvest the surplus in the company itself, or transfer it to the treasury. The proposal to be included in the Tax Reform will be aligned with Pemex's need to be more flexible to obtain better results. This will involve a paradigm shift, with two essential components: first, a royalty payment lower than at present and, second, the surplus from the payment of royalties will be handled flexibly and can be reinvested in the business or part can be transferred to the budget like a dividend that could be used for spending on schools, hospitals, or water and road infrastructure. This new configuration will have Pemex receive tax treatment comparable to other oil companies in the world. The proposed configuration, unlike the current one, will align the incentives between Pemex and the Government of the Republic, while allowing the company to be more competitive. d) Promoting greater transparency and accountability in the oil sector, through the institutional strengthening of the Government of the Republic and its decentralized agencies, the National Hydrocarbons Commission and the Energy Regulatory Commission. If this constitutional reform is approved, it will be possible to effect modifications in secondary legislation in order to develop a model that ensures and strengthens the Nation s control over activities in the hydrocarbon sector, encouraging greater transparency and accountability therein. The amendment establishes that the Government of the Republic shall lead petroleum activities, by expanding the capabilities of the Ministry of Energy and its decentralized
8 bodies, the National Hydrocarbons Commission and the Energy Regulatory Commission. e) The reform proposes that the Government of the Republic award shared utility contracts to Pemex and private companies to extract oil and gas. Furthermore, the Government will award permits to Pemex and private businesses for refining, petrochemicals, transportation and storage of oil, gas and petroleum products. First, we propose a system of contracts for exploration and extraction of oil and gas granted by the Government of the Republic. These contracts may be awarded to Pemex alone or in partnership with individual companies, as well as to private companies that wish to participate in the sector. This will allow Mexicans to have more control over our oil. The following image shows the current situation of the oil sector in which Pemex does everything. This makes it difficult to extract the oil that is needed and obtain a good profit. With the reform, the Government of the Republic will decide when to extract oil and gas and who will be responsible for the extraction. This will yield greater profits to benefit the country.
9 Second, the reform provides for the participation of private companies in the areas of refining, petrochemicals, storage and transportation of oil and gas and their derivatives. Finally, a national policy would be established to promote purchases from domestic suppliers in the hydrocarbon sector, in order to develop the Mexican industry and create added value. Priority will be given to creating supply chains that would reduce costs through greater national integration of supplies. 3. Benefits from the Energy Reform in Oil and Gas. Reforms in Colombia and Brazil give clear indication of what can be achieved by giving the oil and gas sector appropriate rules. Thanks to these reforms, oil production has increased significantly, which contrasts with the fall in Mexico s production. In Brazil, 841,000 barrels per day were produced prior to the 1997 reform. Fifteen years later, Brazil has nearly tripled its production. Following the energy reform the country now produces 2.1 million barrels per day. Oil Production in Mexico, Brazil and Colombia (Thousands of Barrels per Day) *January-April Energy Data Management. Energy Department, USA, On the other hand, energy reform in Colombia has led to nearly doubling its original production.
10 Oil Revenues generated by the energy sector in Colombia (Billions of Colombian Pesos) Source: Ministry of Mines and Energy of Colombia, In the case of Mexico, investment obtained following the passing of this bill will enable the country to consolidate a hydrocarbon model that is sustainable in the long term, taking into consideration the welfare of future generations. Objectives of the Hydrocarbon Policy. 1. Achieve replacement rates for proven oil and gas reserves that exceed 100%. This means that the increase in production would be accompanied by the discovery of an equal or greater volume of reserves. 2. Increase oil production from 2.5 million barrels per day currently, to 3 million in 2018 and to 3.5 million in In the case of natural gas, production would increase from the 5.7 billion cubic feet per day currently produced, to 8 billion by 2018 and to 10.4 billion by The reform in Mexico would produce the following results: Mexicans will have sufficient fuels, under competitive conditions. - In particular, the price of gas will drop, allowing for domestic fertilizers at better prices, which will result in cheaper foods. - Cheaper, more abundant gas will also make it possible to reduce the price of electricity bills.
11 The Mexican economy will grow nearly 1 percentage point more in 2018 and approximately 2 percentage points more by 2025, above what has been predicted until now. Additionally, nearly half a million new jobs will be created by 2018 and 2.5 million more by Pemex will once again be one of the world s top oil companies. Increased production of oil and gas will expand the country's budget: the additional revenue will be earmarked for education, reducing poverty, improving public health, to for building more highways and roads and expanding water services. III. Energy Reform in Electricity. The Energy Reform will also help families, businesses and industry in Mexico to pay less on our energy bills. This Constitutional Reform is being proposed in order to modernize the electricity industry and generate electrical energy more cleanly. 1. How is our electricity sector today? At present, the electricity industry is facing five serious problems: a) High electricity rates. The cost of electricity is high and is affecting the pockets of Mexican households, small and medium enterprises and traders, slowing job creation in Mexico. Compared with the United States, our prices are more expensive: for each dollar they pay, we pay, on average, This is despite the high fiscal subsidy is spent annually on lowering rates. b) Limitations to electricity production. Although under certain programs, individuals and private companies can already generate electricity, the benefits of cheaper generation remain in the hands of few. c) Lack of an impartial arbiter to decide which electricity is sold. Currently, CFE is both the electricity generator who decides which plants to take electricity from, and the one who sells to end consumers. It is obliged to be both judge and jury, having to choose between the electricity generated by its own plants and the electricity generated by individual companies, which may even be cheaper. d) Problems using cleaner energy. It has not been possible to increase the use of natural gas to generate electricity due to the shortages that exist, although it is up to six times cheaper than other fuels and is less polluting. Additionally, there are barriers to developing renewable energy such as wind, solar and small hydro energy.
12 2. Content of the Energy Reform in regard to Electricity. Reform of the Electrical Sector proposes the following: a) Article 27 will be reformed to allow private participation in power generation. With the proposed reform, there will be a greater supply of electricity at a lower cost, for the benefit of all users, including households and micro, small and medium enterprises, which are generating three out of every four jobs in the country b) The State shall maintain exclusive control over the National Electrical System, as well as the public service of the transmission and distribution networks, ensuring access to them by all electricity producers. With this model it will be possible to acquire the cheapest energy in blocks from each producer. c) The Federal Electricity Commission will be strengthened through greater operational and organizational flexibility, which will help to reduce costs. In addition, the Commission will be strengthened in being allowed to compete to recover large users who buy more electricity, and will be given the necessary tools to enable it to reduce energy losses, theft and non-payment. d) The Ministry of Energy s powers in terms of planning and stewardship, and those of its decentralized agency, the Energy Regulatory Commission, will be strengthened. e) The Energy Reform is also a Green Reform, which favours greater investment in technology development and the adoption of cleaner, cheaper energy sources, such as solar, wind and gas energy. Below is an image that summarizes the reform of the electricity industry and shows that the reform will lower electrical bills because electricity will only be purchased from those who can produce it at a lower cost, and because losses along the productive chain will be reduced.
13 3. Benefits of the Energy Reform for the Electrical Industry. The most important benefit of the constitutional reform of the electricity industry will be that families, businesses and industry will pay less on their electrical bills due to a greater diversity of generation sources, including cheaper gas and renewable energy. At the same time, generation will be carried out by those who produce at lower costs. There will be an independent arbitrator to ensure that the electricity sold is the cheapest. The Federal Electricity Commission (CFE) will also be strengthened so that it can be a more autonomous and efficient company. IV. Conclusion It is clear that if we do nothing with respect to energy in Mexico, we risk stagnating and not growing. Our country is fortunate to have natural resources that can be exploited for the benefit of Mexicans. We are ready to compete and collaborate. It is time to modernize, to go back to the basic premise of President Lázaro Cárdenas and bring it into the 21st century in order to strengthen our national identity as a world power and improve living conditions for Mexicans now and in the future.
MEXICAN ENERGY REFORMS JOHNS HOPKINS UNIVERSITY School of Advanced International Studies Dr. Francisco Barnés de Castro Comisión Reguladora de Energía Abril 29, 2014 1. Brief history of the energy industry
Mexico s Energy Reform 2 LATAM Oil & Gas Summit September 10th, 2014 Dirección Jurídica Why was the Energy Reform necessary? Because PEMEX had to be strengthened and it had to diversify its risks The inertial
Supporting technology development: The role of the public sector in Mexico Heavy Oil Working Group August 2011 Dr. Edgar Rangel Germán Commissioner 1 Outline Mexico s s energy reform and the new E&P regulatory
Mexican Energy Reform: The New Enacted Hydrocarbons Law. by Veronica Cantu, Mauricio Garza, Martin Quintero and Jaime A. Treviño. The opening of the Mexican energy sector (the Sector ) has been finally
Testimony for Texas Senate Committee on Natural Resources Subcommittee Studying Impacts of Mexico s Energy Reforms on Texas September 19, 2014 ALFREDO RAMOS Houston and Mexico City Offices 713.276.5298
Energy Reform in Mexico January 9 th, 2015 ENERGY REFORM PRINCIPLES! Don't reinvent the wheel.! Legal certainty for new and previous participants.! Reduce costs through efficiency and competition. 2 ENERGY
Mexican Oil & Gas industry Investment opportunities post reform Eagle Ford Consortium Meeting January 29th 2014 Texas A&M International University Student Center Ballroom Laredo, Texas Antonio Juárez January
Canada, Mexico and the United States: Energy Competitors or Collaborators? Mexico s current challenges for remaining a major energy partner in North America Isidro Morales Director EGAP, Gobierno y Política
Koep & Partners Introduction Key legislation and regulatory structure Once largely ignored by international oil and gas companies, has in recent times been called one of the last frontiers of oil and gas
NRGI Reader March 2015 Commodity Trading Converting Natural Resources into Revenues KEY MESSAGES Commodity sales transfer natural resources physical assets into revenues. The sales can generate a large
Energy BUSINESS PLAN 205 8 ACCOUNTABILITY STATEMENT This business plan was prepared under my direction, taking into consideration the government s policy decisions as of October 5, 205. original signed
18 September 2014 Investment Opportunities Stemming from the Mexican Energy Reform By Agustin Ros and Veronica Irastorza Introduction In December 2013, Mexico amended its Constitution and laid the groundwork
Mexico s New Energy Industry Secretary of Energy June 20th, 2016 #EnergiaMX THROUGHOUT THE VALUE CHAIN OIL&GAS INVESTMENT OPPORTUNITIES DOWNSTREAM UPSTREAM EXPLORATION AND PRODUCTION OF HYDROCARBONS MIDSTREAM
August 2016 MLP Investing: The Impact of the Natural Gas Megatrend on Energy Infrastructure Curt Pabst, Managing Director, Eagle Global Advisors U.S. Shale Revolution Much has been made of the impact of
The Future of Energy in Louisiana! March 2014 1! GNO, Inc. Overview! GNO, Inc. is the economic development organization serving the ten parishes of Southeast Louisiana.! Logo! Business Development! Business
Mexico s ongoing energy reform and infrastructure trends: new investment opportunities Julián J Garza C and Héctor Arangua L of Nader Hayaux & Goebel in Mexico City look at the possibilities opening up
INVEST IN MEXICO KNOWLEDGE INVESTMENT TRUST ENTERPRISE MEXICO LOOKS INTO THE FUTURE Focusing on the global trends that define business models worldwide, KITE INVEST provides a solid network of contacts,
Statement of Toby Mack, EEIA President, Before the U.S Senate Committee on Small Business and Entrepreneurship July 14, 2015 Challenges and Opportunities for Small Businesses Engaged in Energy Development
Mineral Rights For Sale Austin TX Wondering how to sell your mineral rights. You've come to the right place. The Mineral Auction, located in Austin, TX, can help you to get the best price on your interests.
Credit Suisse Mexico Investment Ideas Conference May 2015 Information Regarding Forward-Looking Statements This presentation contain statements that are not historical fact and constitute forward-looking
Hydrocarbon Prospects for India in Latin America & the Caribbean 10 May 2016 PETROFED Ours is a country that imports 75% of its energy needs for transportation fuel. If I look at oil and gas consumption
PETROLEUM SECTOR DEVELOPMENTS IN EGYPT March 2009 2009 Business Studies & Analysis Center. All rights reserved. Unauthorized reproduction, copying, re-mailing, storage or website posting is prohibited.
Mexico s Energy Reforms: Opportunities Amidst Challenges August 20, 2015 Presented by: Ricardo Garcia-Moreno Partner Houston AGENDA The Need for Energy Reform General Framework Round Zero and Round One
The Next Oil and Gas Reform in Mexico Mexico Institute Woodrow Wilson International Center for Scholars Marcos y Asociados 21/06/2013 1 Marcos y Asociados, Infraestructura y Energía S.C. June, 2013 Index
Energy Challenges for the NATion and north carolina NOIA s mission is to secure reliable access to the nation s valuable offshore energy resources in order that they may be developed, produced and supplied
Using Less Energy: Nova Scotia s Electricity Efficiency and Conservation Plan April 2014 Contents Summary...1 Introduction...2 Objectives of the Plan...3 Plan of Action...5 The Benefits of Energy Efficiency...
OGA Marketer Meeting Presented by Scott White 1 AGENDA Brief overview of IGS Energy US Energy and Natural Gas Market Opportunities Questions 2 Who is IGS Energy? A brief overview We are not in the Blimp
* This summary covers decrees containing secondary energy laws issued by the Federal Executive in the Official Gazette dated August 11 of this year. 2 Index The Mexican Petroleum Law..5 The Federal Electricity
Mexico s Legal and Business Regulatory Framework Mexico s commercial openness has benefited Mexicans by both creating jobs, and promoting their products and services in international markets. 10 free trade
Mexico s Energy Reform José Luis Hernández Abdalah Dirección de Infraestructura y Operaciones Marítimas November 4th, 2015 PEMEX Today Energy Reform Round Zero and Round 1 PMI challenges Anex: Energy Reform,
OUR CONVERSATION TODAY Our goal is to raise the level of awareness around the natural gas supply chain among key stakeholders in order to facilitate positive working relationships and more informed decision
Mexican energy reform Opportunity knocks Background Mexico has large and potentially accessible oil and gas resources, and is also known for one of the largest, yet currently untapped reserves. Petroleos
September 2015 Lifting the Crude Oil Export Ban Explainer I: Crude Oil Export Ban Overview The Bipartisan Policy Center (BPC) prepared this overview as part of a series to promote greater understanding
Republic of Turkey Unofficial Translation 1 of the Turkish Law No. 5710 2 Concerning the Construction and Operation of Nuclear Power Plants and the Sale of Energy Generated from Those Plants Date of acceptance:
JAMES A. BAKER III INSTITUTE FOR PUBLIC POLICY RICE UNIVERSITY Testimony of Kenneth B. Medlock III, PhD James A. Baker, III, and Susan G. Baker Fellow in Energy and Resource Economics, and Senior Director,
Entering in Mexico s electricity generation business with 2,000 MW October 23, 2015 Strategic compliance Sector overview Project description Final remarks Page 2 Page 4 Page 14 Page 18 1 Compliance with
Presentation to U.S. Senate Committee on Finance Business Income Tax Group Cost Recovery and Accounting Tax Reform Discussion On behalf of Panhandle Producers & Royalty Owners Association and Texas Alliance
Date Issue Brief # I S S U E B R I E F Falling Oil Prices and US Economic Activity: Implications for the Future Stephen P.A. Brown December 2014 Issue Brief 14-06 Resources for the Future Resources for
Promoting Innovation, Small Business Enterprise and Job Creation through Solar Energy Technologies A Submission to the Standing Committee on Finance Pre-Budget Consultations 2010 Prepared by the: Canadian
WWW.IBISWORLD.COM October 2013 1 Follow on head on Master page A October 2013 What s Hot in Oil, Gas and Energy Equipment Leasing By David Yang Effective portfolio risk management is vital to the long-term
Winter 2014 Global Energy Industry review 1 Analysis of Mexico s New Hydrocarbons Legal Regime 12 Analysis of Mexico s New Electric Industry Law 17 Romania Energy Investment Opportunities 21 Power Sector
Economic and Legal Foundations of Energy Saving (regional aspect) V.S. Belykh Doctor of Law, Professor Head of Entrepreneurial Law Department, Ural State Law Academy Competing with other systems survives
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following management s discussion in conjunction with our unaudited consolidated interim condensed
Clean Energy Jobs Plan Introduction When I was governor, California was the world leader in renewable energy and it led the nation in efficiency standards. Our programs saved California consumers billions
A. Production Fossil Fuel Subsidies United States Progress Report on Fossil Fuel Subsidies Part 1: Identification and Analysis of Fossil Fuel Provisions There are a number of tax preferences, described
Conference call Transcript Release of 2012 Audited Consolidated Results Good morning America and good afternoon Europe, Welcome to Hrvatska elektroprivreda d.d. s first investor relations conference call.
March 2015 MEGATRENDS IN THE OIL AND GAS INDUSTRY Cautionary Statement The following presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues,
Hedging Natural Gas Prices Luke Miller Assistant Professor of Finance Office of Economic Analysis & Business Research School of Business Administration Fort Lewis College Natural Gas Industry U.S. natural
Colombia and its Energy Potential by David Yanovich Partner Cerrito Capital Bogotá, Colombia August 7, 2013 Introduction Over the last decade, the Colombian economy has experienced tremendous growth thanks
Electricity Rates Forecasting: Muskrat Falls Will Options: Stabilize Rates for Consumers Legal S92A, Good Faith and Regulatory Proceedings in Quebec Department of Natural Resources October 2012 Department
OMICS Group cordially invites participants from all over the world to attend International Conference and Expo on Oil and Gas, scheduled during November, 16-18, 2015 at Dubai, UAE mainly focused on the
CORPORATE GOVERNANCE COMPANY MANAGEMENT STRUCTURE 67 FACT BOOK 2010 COMMITTEES OF THE BOARD OF DIRECTORS 68 FINANCE LUKOIL FINANCIAL POLICY AND SECURITIES Financial policy The main strategic mission of
Botswana Fuel Price Trends and Forecast White Paper Updated April 15 (For information purposes only) Introduction Although Botswana s energy requirements are dominated by petrol fuels, the country does
Mineral rights ownership what is it and why is it so unique in the USA? Introduction This document is designed to explain the concept of mineral rights ownership, and how such ownership differs between
STATEMENT OF HOWARD GRUENSPECHT DEPUTY ADMINISTRATOR ENERGY INFORMATION ADMINISTRATION U.S. DEPARTMENT OF ENERGY BEFORE THE COMMITTEE ON ENERGY AND COMMERCE SUBCOMMITTEE ON ENERGY AND POWER UNITED STATES
UNEP IMF GIZ - GSI workshop Reforming Fossil Fuel Subsidies for an Inclusive Green Economy April, 2014 1 Index I. Pricing Policy and Implicit Subsidies: a) Fossil fuels b) Electricity II. Mexican Fiscal
Media: Analysts: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: August 6, 2008 Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent
1 Case Study From In the last decade, Mexico, one of the world s largest oil producers, has begun to import growing amounts of oil products. In 2001, Mexico imported about 374,000 barrels per day, up from
WHY INVEST IN OIL AND GAS DRILLING VENTURES? PECOS DEAN DEVONIAN FORMATIONS CLINE SHALE WOLFCAMP WOLFBONE SPRAYBERRY ELLENBERGER OPPORTUNITY KNOCKS IN OIL AND GAS IT S AN ENERGY-CHALLENGED WORLD Foresighted
Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 5, 2009 Spectra Energy Reports First Quarter 2009 Results Reported net income (controlling
JUNE 22, 2016 INVEST IN MEXICO THE LEADING INVESTMENT SUMMIT IN MEXICO HACIENDA DE LOS MORALES MEXICO DF PROGRAM 2016 Secure your attendance and participation for the INVEST IN MEXICO SUMMIT 2016 email@example.com
CROSSING THE BORDER: CURRENT CHALLENGES AND BEST PRACTICES ERNESTO VELARDE DANACHE ATTORNEY * MEXICAN NOTARY PUBLIC USA & MEXICO OFFICES Ph: (956) 548 9098 E: firstname.lastname@example.org www.velardedanache.com
MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following management s discussion in conjunction with our unaudited consolidated interim condensed
Environmental Science 101 Energy Fall 2012 1 Lecture Outline: 7. NON-RENEWABLE ENERGY RESOURCES A. Energy Sources and Uses in USA B. Current Consumption, Uses and Costs 1. Consumption 2. Energy Costs C.
Virtual Pipeline Service (VPS) Presented November 20 th, 2013 PROBLEM: How to get gas to the Interior, sooner than later? Piece meal with multiple parties is risky. May not make the Sept. 2015 deadline.
and Science Energy White Paper at a glance WWW. i Energy White Paper at a glance The Australian Government made an election commitment to deliver an Energy White Paper to give industry and consumers certainty
Brenntag AG Analyst Round Table 2014 London November 5, 2014 AGENDA Update on Brenntag Europe and ONE Brenntag initiative Karsten Beckmann, CEO Brenntag Europe Update on Brenntag North America and Oil&Gas
An Investor s Guide to Plains All American Pipeline Plains All American Pipeline: A Midstream Energy MLP Plains All American Pipeline, L.P. (PAA) is a midstream energy MLP headquartered in Houston. The
Provisional Translation Economic Outlook for FY2005 and Basic Economic and Fiscal Management Measures December 20th, 2004 Cabinet Approval 1. Main Economic Indicators for FY2004 and FY2005 Gross domestic
CONFÉRENCE DES NATIONS UNIES SUR LE COMMERCE ET LE DÉVELOPPEMENT UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT Multi-Year Expert Meeting on Services, Development and Trade: The Regulatory and Institutional
Texas: An Energy and Economic Analysis Posted on 9/30/2013 Texas leads the nation in oil and natural gas reserves and production. In just over 2 years, Texas has doubled its oil production with large quantities
CRS Report Summaries R40147 Green Buildings This is a definition and analysis of the cost and benefits of green buildings. It also cites agencies and laws that encourage the building of environmentally
DEWAN PERWAKILAN RAKYAT REPUBLIK INDONESIA INDONESIA S COUNTRY REPORT ENCOURAGING CLEAN ENERGY INITIATIVE As part of the international community, Indonesia shares its concern on the environment and development
Case Study From 1 Chile is a leader of the privatization movement in South America. In 1986, to meet the growing demand for energy, Chile began restructuring of the state-owned power sector. Before selling
Rex Attorneys Introduction Key legislation and regulatory structure s upstream oil and gas sector is currently enjoying a boom experienced elsewhere in East Africa following major discoveries of natural
IMPACT OF SHALE TECHNOLOGY ON HOUSTON REAL ESTATE Prepared for: Modern Green Development Co., Ltd. and Canadian Community Service Association June 21, 2013 Mining, Finance and Real Estate Forum Vancouver,
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Voluntary - Public Date: 5/6/2015 GAIN Report Number:
Joseph E. Aldy Harvard University Deficit Reduction (10-year): $41 billion. Broader Benefits: Levels the playing field among fossil fuel producers relative to other business investments; leads to potentially
Oil Price Volatility and the Continuing Case for Natural Gas as a Transportation Fuel The recent decline in world crude oil prices is bringing new attention to the factors that drive the price and stability
Regional Details: Norway In this appendix, we describe the methods the government uses to obtain revenues from oil and gas production in Norway. We present quantitative estimates of revenues as well as
Economic Watch United States Opportunities from Mexico s Energy Reform Houston, January 22, 2014 Economic Analysis Nathaniel Karp email@example.com Mexico s energy reform will offer abundant
Industry Engagement: Canada s Military Procurement System Canadian Association of Defence and Security Industries (CADSI) On behalf of: Industry Canada, National Defence, and Public Works and Government
Abdelly & Associés Introduction s current proven reserves are approximately 838m barrels, of which 51 per cent is oil and 49 per cent is gas. Approximately two-thirds of s proven gas reserves are located
Your consent to our cookies if you continue to use this website.