Mexico may not be a major player on the global oil-export market for much longer because of dwindling crude-oil reserves. In February, the state-run oil company PEMEX confirmed a projected decline in output from in its Cantarell field in Campeche Sound, and in March it acknowledged that the potential for its deep-water reserves off the coast of Veracruz was significantly overstated. This led President Felipe Calderon Hinojosa to announce emergency measures to address the situation, including increasing production from a cluster of oil fields known as Ku-Maloob-Zaap and initiating a plan to expedite offshore exploration efforts through an expanded technical-cooperation agreement with the Brazilian oil company Petrobras.
SourceMex. "Mexico Wrestles with Declining Oil Reserves." (2007). https://digitalrepository.unm.edu/la_energy_notien/7