NEW ORLEANS, April 9 (Reuters) - The chief executive of US offshore drilling contractor Pride International Inc (PDE.N: Quote, Profile, Research) said on Wednesday uncertainty over investment rules for Mexico's energy industry has paralyzed state oil...

Mr Calderon said the plan would give Pemex more freedom to manage its budget and contract out work, so boosting both oil production and exploration.

Mexico's known oil reserves are running out and production has been falling.

Mr Calderon stressed the bill would not privatise Pemex, a national symbol that has been in state hands since 1938.

"To strengthen Pemex is to strengthen Mexico," President Calderon said.

"We must act now, because time and oil is running out."

Oil revenues constitute some 40% of federal income, but production has been falling.

Pemex officials say they badly need the technology and resources to explore for more crude oil in the deep waters of the Gulf of Mexico.

President Calderon said the proposed reforms would give Petroleos Mexicanos more autonomy to hire specialist firms to build and operate refineries.

Citizens' bonds

The proposals also include giving Pemex more freedom to make decisions, contract out work, and manage its budget to reinvest in production and exploration.

Mr Calderon also outlined proposals to allow Pemex to issue "citizens' bonds", allowing Mexicans to invest in the company.

Mr Calderon's address came amid a fierce debate over the future of Pemex, which is marking 70 years in state hands.

"I want to make clear...
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