Five years after former president Enrique Peña Nieto ended Pemex’s monopoly and opened Mexico’s oil industry to private foreign investment, the new administration is betting again on the state oil firm to turn around the country’s production which has been declining each year since its 3.4-million-bpd peak in the early 2000s. Mexico holds a lot of recoverable resources, including in shallow waters and deepwater, shale resources, and conventional onshore resources. There’s a lot of potential, considering that 70 percent of Mexico’s estimated recoverable resources are yet to be tapped and developed, some of them at favorable economics, Forbes contributor Michael Lynch says . Recent discoveries offshore Mexico are estimated to be much larger than recent finds in the U.S. Gulf of Mexico at comparable depths, according to Lynch. Yet, Mexico’s oil production, exploration, and investment climate for the next few years depends on the new administration’s policies in the […]