A recent article in the Economist (December 22nd, 2007) had a brief article about how to reform Mexico’s oil industry.

Mexico is the world’s 6th largest oil producer, but it hit its peak in production in 2004. Between 1998 and 2006, the total number of barrels in reserve fell by approximately 50%. Cantarell, the largest oil-field in Mexico (and the world’s largest offshore field), is running out of oil after three decades of production. The question the article addresses is how to make Pemex financially viable.

There is a related article at The Oil Drum:
Potential Impact of Cantarell’s Decline on Mexico’s Oil Production”.