What Happened: Mexican President Andres Manuel Lopez Obrador is planning to allow the country's national oil company, Petroleos Mexicanos (Pemex), to pursue joint ventures and explore for new finds in deep water, the Financial Times reported Aug. 29.
Why It Matters: Since coming to power, Lopez Obrador has sought to boost Pemex so that it again commands Mexico's energy market. But the firm's debts and other problems are forcing him to reverse parts of his nationalist policy. Nevertheless, the president is unlikely to completely abandon his stance, meaning competitive energy auctions in Mexico are unlikely to occur for many months to come.
Background: In June, Mexican authorities canceled joint venture proposals for Pemex that were due in October. Also in June, the company said it would no longer invest in deep-water projects.