[victorhn]

The amount of oil reserves in Mexico is not that great as it used to be, PEMEX production continues to decrease every year.

PEMEX became the classic example of am inefficient, corrupt and bureaucratic government company which has already extracted all the "easy" oil and sees that this is unsustainable on long term, many of the large remaining oil reserves is now not easy to extract which due to bad management and lack of long term thinking is economically not convenient for PEMEX to try to extract it on its own.

So the government pushed those reforms to allow foreign companies with more advanced technical know-how and more willingness to risk, to invest and at least get some money in terms of taxes and permits.