Mexico’s federal government has entered into an exclusive agreement with Platts to utilize its oil and natural gas price data in the nation’s pricing formulas as part of its energy reform policy.
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Image of President Enrique Peña Nieto signing the reform. Image from Pemex. |
Mexico’s Ministry of Finance, Secretaría de Hacienda y Crédito Público (SHCP) and the Mexican Petroleum Fund, Fondo Mexicano del Petróleo para la Estabilización y el Desarrollo (FMP) were signatories to a contract that makes Platts oil and gas price data the basis for valuing Mexico’s royalties and revenues from oil and gas activities in the country.
This announcement further underpins the historic Mexican energy reforms begun in December 2013 when President Enrique Peña Nieto made the landmark decision to end the state’s legal energy sector monopoly and open the nation’s oil and gas exploration and extraction to private sector investment, Platts said.
Mexico is the latest among a host of the world’s top oil and gas producing countries across many decades to utilize Platts as the benchmark to price its energy resources.
Andy Bose, Platts general manager of oil said: “The selection of Platts as supplier of independent price data by these two important departments responsible for Mexico’s energy revenue and allocations reflects the confidence they have in the quality of our price reporting. The integrity of the methodology underpinning our assessment processes allows Platts price benchmarks to be trusted by the world’s most important energy markets, which explains Mexico’s decision to partner with Platts at this crucial time of developing its privatized markets.”
Mexico is utilizing Platts benchmarks in its pricing formulas for crude oil sales to the US, Europe and Asia, including such crudes as Isthmus, Maya and Olmeca, as well as for refined product imports and import parity pricing purposes.
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