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Pemex CEO Jesus Reyes Heroles sounded the alarm July 22 when he announced that Pemex may pursue energy projects overseas unless Congress follows through in passing much-needed oil reforms to allow foreign partners to participate in domestic offshore projects, according to a July 22 Bloomberg report. This is an option of last resort for Pemex if it wants to salvage the country’s failing energy industry.

Mexico’s energy industry is hamstrung by a nationalist-rooted constitution that prohibits foreign energy firms from investing in the country. Without foreign participation, Pemex lacks the technological expertise to breathe life back into its aging oil industry and prevent Mexico, currently the world’s sixth largest oil producer, from turning into a net oil importer within a decade.

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