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The incoming Mexican President, Enrique Peña Nieto, continues to state that he intends to open up the national oil industry to private investment. Peña Nieto believes private investment is necessary to boost Mexico’s economy and take advantage of the countries under-utilized oil production possibilities. Bloomberg News reported today, October 30th, that Peña Nieto will add more private industry to the state-run oil company Petroleos Mexicanos (Pemex), which has seen declining production over the last seven years.

A recent Reuters report stated that the Chicontepec basin, a geologically complicated area which contains around 40 percent of Mexico’s crude reserves, will open soon to private operating contracts. The first ever private contracts were awarded during 2011 in Mexico since Pemex took control in 1938.

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