The Mexican oil and gas industry is still taking its first steps into the liberalized, open market paradigm brought about by 2013’s Energy Reform. PEMEX’s first ever farm-out, the success of deepwater licensing Round 1.4 and the start of fuel-price liberalization are just some of the industry’s many milestones in the rearview mirror that are inspiring optimism throughout the value chain. As the global oil and gas market emerges from a period defined by low oil prices and an industry downturn, all eyes are on Mexico with its vast untapped reserves and newly attractive yet still untested business framework.

This chapter provides a bird’s eye view of the events that defined the last 12 months in the Mexican oil and gas industry, from the perspective of its key political, regulatory and executive players. Their combined voices present a comprehensive overview of the industry while also offering a glimpse into its ambitions for the future.