The Mexican Senate on Wednesday, with the support of PRI and PAN senators, voted to end seven decades of state monopoly over the oil and electricity sectors:

The Mexican government under Pena Nieto has advocated opening the country’s oil and gas sector to bring billions of dollars in new investment and boost the country’s flagging oil production. Mexico saw its peak production in 2004, with 3.4 million barrels a day. It has fallen steadily since to the current 2.5 million barrels. With the reform, private companies with the expertise and technology lacking in the state oil company, Petroleos Mexicanos, or Pemex, will be able to exploit the country’s vast shale and deep-water reserves.

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