Mexican President Felipe Calderon presented a watered-down energy reform proposal to Congress last week that would allow some expansion of private sector involvement in the oil industry, but retains the ban preventing Pemex from forming risk-sharing agreements with private companies — widely considered to be Mexico's only viable option to tap its vast deepwater reserves. Instead, Calderon's proposal focuses on expanding the use of oil service contracts by offering contractors incentives for finding more oil at a lower fee.
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