Reforms that would open Mexico's energy industry to foreign investment turned out less aggressive than some oil and gas companies would have liked, but the proposed changes are still likely to make some private firms into winners, analysts say.
Mexico's President Enrique Peña Nieto this week announced a proposal that would give resource-hungry energy companies access to Mexican oil for the first time in more than seven decades. Under the reforms, the state would be allowed to hire companies to exploit and extract oil, sharing risks and profits.
Mexico's energy resources will remain government property under Peña Nieto's proposed changes, and the exact details of reforms will have to be hammered out in subsequent laws. But the very idea of reform is significant for a country where schoolchildren are taught to take pride in the state oil industry and celebrate "Día de la Expropiación Petrolera" every March 18, marking the day when the industry was nationalized in 1938.