Mexico ’s Senate approved an energy overhaul bill that supporters say will make the country the world’s fifth-largest oil producer in about a decade, spurring growth in Latin America ’s second-biggest economy. Mexican senators passed the bill in general terms 95 to 28 last night to permit foreign companies such as Exxon Mobil Corp. (XOM) and Chevron Corp. (CVX) to drill for national oil for the first time since 1938. Senators are still debating the bill’s specifics and can make amendments before sending it to the lower house. The plan would change the constitution to allow production sharing and licenses for outside companies that will also be able to log crude reserves for accounting purposes. Mexico is the world’s ninth-largest oil producer, according to the U.S. Energy Information Administration, and possesses the biggest unexplored crude area after the Arctic Circle. Industry analysts and the bill’s authors say the overhaul […]