A Mexican judge has ordered a partial provisional suspension of new hydrocarbons legislation championed by President Andres Manuel Lopez Obrador that gave the state authority to revoke permits, a court document seen by Reuters showed May 10.
The decision suspended certain parts of the law that strengthens state oil company Pemex, which Congress approved in April, the document showed.
The judge’s ruling paused provisions in the legislation that would allow authorities to cancel permits or occupy installations of permit holders, the court document said.
It also prevents authorities from revoking permits that fail to comply with minimum storage requirements set by the government when the law was enacted last week, a provision which analysts said only Pemex was well placed to satisfy.
Denbury Resources and Penn Virginia mutually agreed to terminate their merger after the $1.7 billion cash-and-stock transaction faced difficult market conditions and shareholder opposition.
The acquisition of Jagged Peak will more than double Parsley Energy’s position in the Delaware Basin, where the companies expect to generate G&A savings of about $25 million within the first year.
Energy major BP Plc on June 1 boosted its investment in U.S. renewables with a $220 million purchase of solar projects from developer 7X Energy.