Mexico plans to open up its state run oil industry to private investment.
A source of national pride, Mexico's oil industry has been protected from private involvement for 75 years, BBC reported.
President Enrique Pena Nieto has proposed reforms that will encourage foreign and domestic investment in the industry.
Mexico's oil industry is dominated by the state oil firm Pemex, but it needs investment and expertise to develop new oil and gas fields.
Currently, private companies can be awarded service contracts within the oil industry.