Mexico is the second largest economy in Latin America. Mexico's $2.2 trillion economy has become increasingly oriented toward manufacturing while the extractive sector still is the single most important sector. According to the IMF, natural resources account for 15% of total exports and contribute with 36% of total revenues. Mexico has 0.5% of the world's total oil reserves.
In 2013, Mexico passed a constitutional reform to allow, for the first time in almost a century, private investment in the Mexican oil and gas sector. One of the central aims of the reforms was to bring transparency to how the sector is managed. From awarding licenses to collecting revenues from the companies to the use of those revenues, the reforms sought to embed transparency in government practices and systems. Since 2016, Mexico has conducted a series of bidding rounds to allocate oil and gas blocks.
The EITI addresses a range of issues relevant to the outlook for the oil, gas and mining sectors, including license allocation, production data, tax transparency, the role of state owned enterprises, and the allocation of the revenues, including to the recently created Mexican National Oil Fund.