The government created Energy Reform with the goal of opening the oil sector to free competition and encouraging offshore and onshore exploration and production in the country. Authorities have been successful in this process so far.
During January, the Ministry of Finance and Public Credit (SCHP) subsidized up to 50% of the Special Tax on Production and Services (IEPS) for Magna, Premium and diesel. This represented important financial losses.
The Ministry of Finance and Public Credit (SHCP) published the economic conditions for the first auction of Round 3. The entity said that these regulations seek to encourage investment and development of oil projects in the country.
Representatives of public entities spoke about the transparency measures that the government has adopted during the country’s auctions and assured that no company has objected to any of the processes so far.