President Enrique Peña Nieto of Mexico proposed ambitious constitutional reforms last week that would allow foreigners to invest in Mexico's nationalized oil industry for the first time in 75 years. Such a change could help revive the country's energy sector and give its economy a much-needed lift.
Mexico has one of the world's largest reserves of oil and natural gas, but its production has been declining in recent years because the government oil monopoly, Petróleos Mexicanos, or Pemex, does not have the money or expertise to extract fossil fuels from deepwater wells and shale formations. It produced about 2.6 million barrels of crude oil per day last year, down 20 percent from 2002.
Since the oil sector accounts for 16 percent of the country's exports and about one-third of its government revenue, the decline in production has forced the government to run bigger fiscal deficits. Reversing the trend would benefit Mexico; doing so would also make the United States less dependent on energy imports from the Middle East because it is the biggest importer of Mexican oil.
Mr. Peña Nieto, a politician who came into office last year with big promises of change, wants to allow Pemex to enter into partnerships with foreign oil companies to increase production. His proposal, which requires a change in the Constitution, would allow foreigners to share the risks and profits associated with production but would keep ownership of the oil reserves in Mexican hands. Big American and European companies would have preferred to be allowed to own the oil, but even Mr. Peña Nieto's plan represents a huge change because many Mexicans still oppose any foreign involvement in the oil sector.
Mexico was the first major oil-producing country to nationalize the industry, in 1938. Since then, various leaders who have proposed letting foreign oil companies back in have been stymied by political opposition, even from within their own parties. The latest proposal has the support of one major opposition party, and that greatly improves its chances. Leaders of another opposition party, however, have pledged to organize protests against it.
Mr. Peña Nieto has already pushed through important telecommunications and broadcasting reforms that should bolster the Mexican economy. Changing policies on foreign partnerships on oil and gas will be a lot harder, but it could promise big returns.
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