(WSJ) Sweeping changes to Mexico’s oil and gas industry proposed in a bill to reform the country’s constitution could mean billions of dollars of new opportunities for private equity investors.

After the nationalization of oil and gas companies operating in Mexico, the state-run Petroleos Mexicanos has been the one and only player in the country’s multi-billion dollar oil business. When proven reserves were growing, the state’s oil monopoly wasn’t a concern. However, declining reserves are forcing the Mexican government to open up the industry. Read more at WSJ.