It’s been a turning of tide for Mexico and the new upstream landscape. Despite the success of the energy opening under the previous administration, Mexico’s new government has a different plan. Pemex is operating again as Mexico’s oil & gas champion with limited support from the private sector. The government’s ambitions are high, aiming to increase production 60% over a 6 year timeline. The future role of private participation also remains uncertain. New licensing rounds and future Pemex JVs have been indefinitely postponed. But with more than a decade of declines in reserves and production, Mexico needs the influx of capital and new technical capabilities. Limited room to manoeuvre, Pemex’s financial position and the government’s fiscal limitations suggest an inflection point is possible. In the next months, the administration will decide which road to take and the government may reconsider the benefits of private E&P investment through the tools provided by the 2013 Energy Reform.