Much of Latin America has spent the last year tackling the hangover of years of economic mismanagement, state intervention and graft. The New Year promises to bring some relief for the oil and gas industry in parts of the region. As a major engine of economic growth, governments will accelerate efforts to relax constraints on the sector and consider incentives to spur new oil and gas investment. Such moves are expected to ripple throughout the region as governments vie for investment dollars. And while Mexico may have launched this favourable shift with its liberalisation of its oil and gas sector end-2013, recent developments in Washington and Mexico City inject uncertainty over the outlook for its oil and gas industry over the medium term.