Mexico electrified the oil and gas industry in late 2013 when it passed constitutional reform to open the country’s hydrocarbons sector to private participation.

More than two years later, the reforms have reached important milestones, including the award of contracts to a wide range of new shallow-water and onshore operators, with a highly anticipated deep-water round coming up this December.

However, the collapse in oil prices has made for a rocky ride and crimped industry exploration budgets, also hitting the balance sheets of state oil company Pemex as it seeks to adapt to a new energy reality.

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