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The Colombian case: Ecopetrol In June 2003 the Colombian government restructured all of its oil explo- ration and exploitation activities into one company, Ecopetrol (Colombian Oil Company) modifying its organic structure and turning it into a public stock-holding company, 100% government-owned and inviting the private sector to participate.
On December 13 2006, the Colombian congress approved a bill of law
which was signed by the president on the 27th of the same month, this bill included a new Ecopetrol initiative, this new initiative created limits for any participants in the private sector who wanted to get involved, creating a limit of 3% of Ecopetrol shares put out for sale for any one private company. The new funds generated allowed Colombia to intensify exploration and to increase their own production accelerating all their oil related activities and improving its competitiveness in the world oil market.
Mexico and new opportunities in the oil and gas sector Mexican President Enrique Peña Nieto, has stated in various forums the ne- cessity of promoting a second generation energy reform (the ‘Reform’) that would have a direct impact on the manner in which the national oil industry operates, specifically Pemex and its subsidiaries. It is intended that the Re- form will be discussed by the Mexican Congress in the second half of 2013.
Some proposed aspects of the Reform have been outlined, of which the
following stand out: (i) Promote competition in refining; petrochemical and hydrocarbons
transportation. (ii) Promote and develop a market for shale gas as a source of energy. As
of today, it has not been defined if the shale gas promotion is to be opened to private sector investment or continue as a strategic area under Pemex con-
Juan Carlos Serra Partner
Basham Ringe y Correa Mexico City, Mexico
Tel: +52 55 52 61 04 91 Email:
serra@basham.com.mx Web:
www.basham.com.mx
About the author Juan Carlos Serra is a Partner of the Corporate, M&A and Energy and Mining Practice groups. His specific experience includes: joint-ventures, mergers and acquisitions, reorganisations, investments, acquisitions, and solid experience participating in national and international public bidding as well as extensive advice in energy and mining issues. Recognised by IFLR1000’s 2013 Latin American Energy and Infrastructure Guide as a Leading Lawyer. Ranked in Chambers Latin America as a leading lawyer in Energy & Natural Resources
practice. Named World´s Leading Lawyer by Who´s Who of Mining Lawyers as well as Who’s Who of Energy Lawyers. He is an active member of the Mexican Legal Bar (Barra Mexicana del Colegio de Abogados), Institute of Energy Law, Rocky Mountain Mineral Law Foundation, as well as The International Bar Association (IBA). Mr. Serra is a Graduate from the
Universidad Nacional Autonoma de Mexico and has a Master´s Degree from Georgetown University (Fullbright Scholarship). Other formal education includes: a Postgraduate Degree in Corporate and Economic Law from the Panamerican University (Universidad Panamericana) and a Diploma Degree in Energy Law from the Iberoamerican University (Universidad Iberoamericana). Languages: Spanish and English.
Fernando Ortiz Jurado Associate
Basham Ringe y Correa Mexico City, Mexico
Tel: +52 5552 61 06 12 Email:
fortiz@basham.com.mx Web:
www.basham.com.mx
About the author Associate of the Energy, Mining and Infrastructure area of the firm. Formerly worked as in-house counsel of Maxigas Natural (subsidiary of Gaz de France- Suez) and Petróleos Mexicanos in the General Counsel’s Office for International Affairs. Graduated in 2005 from the National Autonomous University of Mexico; his main areas of concentration are: hydrocarbons and renewable energy. Postgraduate studies at Universidad Francisco de Vitoria in Madrid, Spain. Languages: Spanish and English.
(iv) Broaden and strengthen the faculties of the National Hydrocarbons
Commission, in order to make it an independent regulatory agency, that Pemex must take into account in the development of upstream, midstream and downstream projects.
Therefore, it is very important for Mexico to allow private investments
in the National Oil Industry, without implying a privatisation of Mexican oil and gas sector; thereby providing for such purposes with clear rules and provisions in which it shall be promoted the participation of private invest- ment in certain activities that comprises the national oil industry. Mexico needs to learn from the mistakes made in Argentina oil and gas model and from the success that nowadays is emerging from the Brazilian and Colom- bia models. With such knowledge, the Mexican Congress should be able to outline the model that best suits the Mexican oil industry,
If Pemex wants to compete internationally, it needs to rethink the con-
stitutional principles that allowed this public entity to be born; in order to face its biggest challenges: i) international competitiveness; and ii) to be more efficient in its internal processes. The legal engineering is working, now it is the time for Mexican Government, Pemex and the future players in oil industry to make things happen.
MEXICO
trol. (iii) Improve the productive and economic processes of Pemex following
a similar model as that used by Petrobras where private investment and pub- lic investment converge, creating a state-owned company with mixed capital and/or Ecopetrol. In this regard, the intention of Mexican Government is to provide Pemex with corporate governance and transparency rules.
ENERGY & INFRASTRUCTURE | LATIN AMERICA 2013 63
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