Railroad Commissioner David Porter Meets with Top Energy Officials in Mexico
AUSTIN- Texas Railroad Commissioner David Porter traveled to Mexico this week to meet with top officials to discuss energy policy as the country works to reform regulations governing the oil and gas industry.
In December, the Mexican Congress passed a constitutional amendment that would open the oil and gas sector to private participation for the first time in nearly 75 years. Officials are now in the process of formulating the statutory and regulatory framework to support this change.
“The Texas Railroad Commission has successfully regulated the oil and gas industry for almost a century and is viewed throughout the world as a model for thorough, effective energy regulation,” Commissioner Porter said. “We’ve known for a while that the Eagle Ford Shale in South Texas doesn’t stop at the Rio Grande border, and I’m glad to see our neighbors to the south take advantage of the tremendous potential that energy production affords local and national economies. I look forward to having productive discussions on the opportunities and challenges associated with unconventional resource plays and sharing my experience and the experience of the Railroad Commission in regulating a booming oil and gas industry.”
While the United States has greatly benefited from the development of shale oil and gas, Mexico has not capitalized on its hydrocarbon potential due to the previous restrictions on investment capacity. In 2012, over 9,000 shale oil and gas well permits were issued in the U.S., but only 3 such permits were issued in Mexico. Projections show that these new energy reforms will benefit the country by attracting approximately 10 billion dollars of foreign direct investment, creating 500,000 additional jobs in 2018, as well as decreasing the prices of electricity and gas.
While in Mexico, Commissioner Porter met with several top energy officials, including: Congressman Javier Trevino, Secretary of the House Energy Committee; Congressman Marco Antonio Bernal, Chair of the House Energy Committee; Senator David Penchyna, Chair of the Senate Energy Committee; Francisco Xavier Salazar, Chair of the Energy Regulatory Commission; Juan Carlos Zepeda, Chair of National Hydrocarbons Commission; and Pedro Joaquin Coldwell, Secretary of Energy.
David J. Porter was elected to the Texas Railroad Commission on November 2, 2010. A Certified Public Accountant and successful small business owner, Commissioner Porter has worked with oil and gas producers for nearly three decades providing strategic financial advice and tax counsel. He has a long record of pro-business, free market, conservative credentials.
Last Updated: 7/20/2015 12:47:05 PM