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A new study by the Woodrow Wilson Center shows that Peña Nieto’s government has a “realistic possibility” of passing an energy reform that would open the country’s petroleum and gas reserves to private and foreign investment.

The center’s analysis, “Policy Options for the Next Stage in U.S.-Mexico Relations,” showed that an energy reform would bring higher levels of investment and increase cooperation with U.S. energy companies.

“Looking forward to the next six years of the relationship between (the U.S. and Mexican) governments, there is the potential for an extremely fruitful relationship on energy issues,”

Woodrow Wilson Center Mexican Institute Director Duncan Wood said on Wednesday.

He added, however, that “much depends on two key factors: political will and the changes underway in Mexico’s energy sector.”