Big Oil to Get Brazil-Like Terms in Mexico Energy Plan

Global oil majors from Exxon Mobil Corp. to Chevron Corp. are about to get the clearest indication yet of how far Mexican lawmakers will go to lure them into the largest unexplored crude area after the Arctic Circle.

Senate committees will likely begin debating a bill to end a seven-decade state oil monopoly tomorrow, said David Penchyna, senator for the Institutional Revolutionary Party, or PRI. On the agenda is a proposal by members of President Enrique Pena Nieto’s PRI and the National Action Party, or PAN, to extend a profit-sharing model unveiled in August by also allowing production sharing or a license model used in Brazil, said two people with knowledge of the talks.