Make no mistake about it though, although a member of the OECD, Mexico is STILL a developing nation. PEMEX is the national oil company (now termed a "state productive enterprise") with a 75-year long monopoly over the oil and gas industry. Some believe Mexico's oil production could essentially double to 5 million b/d by 2030. Development costs in Mexico’s oil business average around $23 per barrel, and nearly 60% of Mexico's output comes from areas that cost around $10-$20 per barrel to develop. As for the critical upstream oil sector, today's lower prices can hurt interest, but there's notable progress:

Source: Forbes June 18, 2017 23:03 UTC