Mexico’s new president throws down gauntlet to oil majors

¬†Mexico’s new president, Andres Manuel Lopez Obrador, said on Wednesday he would not cancel contracts issued to foreign and national oil companies by his predecessor but challenged them to pump oil quickly or no further oil fields would be offered.

Lopez Obrador took office on Saturday, promising to increase the government’s role in the energy industry and roll back what he described as a 36-year neo-liberal era in which successive governments gradually opened up the economy.

During the election campaign, he pledged to review the contracts issued under a landmark energy reform for any signs of corruption. He and his team have not said they have uncovered any wrongdoing in the contracts already awarded…

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