Woe is Mexico! The country's national oil company, PEMEX, has been on a slow decline for the past decade. If this trend continues, it is very possible that Mexico could become a net energy importer for the first time. The country keeps a tight lid on its oil production, so its difficult for international companies to lend some expertise to help PEMEX with its offshore and unconventional shale development. That may change, though; some Mexican government officials are in talks with Chevron (NYSE:CVX) and Shell (NYSE:RDS.A) to see how certain oil and gas regulations can be addressed to get the country the help it needs.

Today, Fool.com contributors Tyler Crowe and Aimee Duffy chime in on the troubles of Mexico's production and our southern neighbor's potential that has yet to be tapped.