The Mexican president has said he wants to open up the state run oil company, Pemex, to private and foreign investment.
President Enrique Pena Nieto said the move can help tap vast reserves of oil and gas.
However, he will need to change a constitution which says oil and natural resources belong only to Mexico.
Nieto has proposed to profit-share with private companies but the opposition is fiercely opposed to such plans.
Al Jazeera's Rachel Levin reports from Mexico City.