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Mexico opens oil drilling to foreign companies for first time in 70 years

by Take Two

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Derrick hands remove the drilling tool with a sample of the marine seabed at La Muralla IV exploration oil rig, operated by Mexican company 'Grupo R' and working for Mexico's state-owned oil company PEMEX, in the Gulf of Mexico on August 30, 2013. The semisubmersible platform is able to drill to a depth of 10.000 meters in an environment such as the Gulf of Mexico. OMAR TORRES/AFP/Getty Images

Mexico moved a step close to shaking up its energy sector last night.

The senate there voted to approve a bill that would — ideally — boost energy production by allowing foreign companies to drill in Mexico for the first time in more than 70 years. To talk a little more about this we've reached Adam Williams, the Latin America Energy and Commodities reporter for Bloomberg.

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