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Although endowed with a massive reserve potential, Pemex has struggled to maintain production levels and, to date, has relied on EOR efforts at its giant offshore fields to slow overall production decline. Its financial position has been too strained to invest in the exploration of Mexico’s deepwater plays and truly increase production. As a result, all eyes are on the new reform package, but its eventual success will depend on the strength of subsequent secondary legislation to be passed in April this year. Pemex' ability to seal framework agreements with several IOCs even before the enactment of the secondary legislation clearly provides grounds for optimism, though.