Mexico Opens Undiscovered Resources to Foreign Companies

In August, Mexico's President ended the Pemex monopoly on drilling. Pemex will keep 83% of proven reserves, but key international oil and gas companies including ExxonMobil and Chevron will be allowed to explore and invest in new resources. The U. S. EIA predicts with development of new reserves Mexico's declining production will stabilize at 2.9 million barrels per day by 2020.