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.
Recommended Reading
Elk Range Royalties Makes Entry in Appalachia with Three-state Deal
2024-03-28 - NGP-backed Elk Range Royalties signed its first deal for mineral and royalty interests in Appalachia, including locations in Pennsylvania, Ohio and West Virginia.
UK’s Union Jack Oil to Expand into the Permian
2024-01-29 - In addition to its three mineral royalty acquisitions in the Permian, Union Jack Oil is also looking to expand into Oklahoma via joint ventures with Reach Oil & Gas Inc.
Dorchester Minerals Buys Interests in Two Colorado Counties
2024-04-01 - Dorchester Minerals’ acquisition totals approximately 1,485 net royalty acres for roughly $17 million.
Marketed: Rock Oil Holdings Mineral, Royalty Opportunity in Midland Basin
2024-04-09 - Rock Oil Holdings has retained PetroDivest Advisors for the sale of a mineral and royalty opportunity in Howard County, Midland Basin.
Sitio Royalties Dives Deeper in D-J with $150MM Acquisition
2024-02-29 - Sitio Royalties is deepening its roots in the D-J Basin with a $150 million acquisition—citing regulatory certainty over future development activity in Colorado.