Oil producers were delighted this week, when Mexico's president, Enrique Pena Nieto, made headlines, announcing that Pemex wouldn't be the only entity allowed to drill for oil within the country's borders. This is an important step, given that production has fallen by 25% over the past 10 years. Pemex simply hasn't been able to spend enough -- even though it's spending $20 billion per year -- to keep production growing.

Perhaps technology and know-how from the likes of Ensco (NYSE:ESV) and Halliburton (NYSE:HAL) can help spur further development of Mexico's reserves. Many believe that the country's offshore potential could rival that of Brazil, and its shale gas assets currently rank fourth in the world. Who else is likely to benefit, and where should investors focus? Motley Fool analysts Taylor Muckerman and Joel South discuss these issues in the following video.