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Mexico moves on energy reforms to reverse declines

But questions remain over whether the major changes needed to reverse declines in the oil and gas sector will be able to pass. Justin Jacobs looks at the challenges that lie ahead

President Enrique Peña Nieto came to London this summer with one message: this is Mexico's moment. "The time is right for Mexico to move forward and to transform itself." For Mexico's ailing energy sector the moment has been a long time coming. Once the Western hemisphere's oil-producing powerhouse, years of declining output now mean the country faces the prospect of becoming a net oil importer by the end of the decade. Not that the decline is inevitable. The country has vast resource potential in its undeveloped shale and deepwater fields, which could give the industry a second wind and boost Mexico's economy. But nearly everyone now recognises that state-run Pemex, which has a monopoly ove

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