A decade has passed since President Enrique Peña Nieto’s Energy Reform. Since then, the Mexican oil and gas industry has undergone profound changes. In the initial four years following the reform’s implementation, market participation expanded significantly and CNH’s bidding rounds generated valuable subsurface data for Mexico. However, concerns arose after the cancellation of bidding rounds in 2018 and PEMEX’s resurfacing as a favorite in the government’s energy policy.