There are billions of gallons of shale oil waiting to be fracked in Mexico and for the first time in generations, the Mexican government is opening up its oil and gas fields to foreign investors.

Related: Eagle Ford Shale Gas Headed to Mexico

Mexico passed historic energy reforms last year in hopes of boosting lagging production and have set the stage for greater collaboration between businesses that operate in the Eagle Ford Shale and Mexico.

At last week’s Eagle Ford Consortium held in San Antonio, speakers talked about ways that businesses on both sides of the border might tap into the opportunities that are connected to the new energy reform laws.

It is estimated that there are billions of barrels of potential resources in what is often called, ‘Mexico’s Eagle Ford Shale’. This hidden volume will require hydraulic fracturing to get it out of the ground and Mexico will look to partner with Texas businesses to get the job done.

There has already been some movement to create the important infrastructure:

• In April, Mexico’s state power company(CFE)  announced it had initiated an aggressive construction campaign that includes $3.3 billion to be spent on 12 natural gas and electricity projects.
• Petróleos Mexicanos acquired funding to complete the construction of the pipeline Los Ramones II for an estimated $900 million.

Related: More Pipelines Cross Texas-Mexico Border