Mexico’s Senate passed an energy bill late Tuesday that may end a 75-year-old monopoly held by state-owned oil company Petroleos Mexicanos. The bill allows private companies to drill for oil and gas through flexible contracts and licenses. Private companies have been kept out of oil and gas production–except for those working under contract to Pemex. The bill gives private companies a share in oil production in return for taking all the exploratory risks. It allows them to book reserves as expected cash flow. The Senate passed President Enrique Pena Nieto’s energy reform bill by 95-28. Several articles were reserved for further debate but no significant changes are expected. The bill now goes to the lower house which is expected to pass it this week. The end of Pemex’s monopoly is seen by some as the biggest economic change in Mexico since the North American Free […]