The New York Times reports that “Mexican officials on Wednesday outlined the changing landscape of the country’s oil and gas industry as the country looks to foreign players to help develop its energy future.”  

“Under the overhaul, most of the country’s production will remain with the state-owned oil monopoly Pemex. But private investors will have a chance to bid on a significant percentage of the prospective reserves, whose development will require deep expertise and substantial financing.”  

“The announcement sets in motion the long-awaited opening of Mexico’s oil business, where private investment has been banned since foreign companies were seized and the industry was nationalized in 1938. In an effort to bolster production, President Enrique Peña Nieto won agreement from the Mexican Congress in December to change the constitution to permit private investment in the industry.”