REGIONAL

As Gulf national oil companies (NOCs) look abroad to expand their reach, Mexico has emerged as a potential new target. Earlier this month, the government outlined its plans to liberalize the oil and gas sector, with state giant Pemex retaining 83% of the country’s proven and probable oil reserves.

But the reform leaves significant room for foreign investment, and the injection of capital and technology needed to get the country’s aging oil and gas industry back on its...