Wildcatters are crossing the border into Mexico to pour money into the country’s recently deregulated energy sector, betting that the plunging peso and other economic stress won’t disrupt their business.

Mexico’s privatization of its deep-water reserves and onshore fields, which began 18 months ago, represents a new opportunity for energy explorers and investors that have been competing against each other in U.S. and Canadian oil fields for more than a decade.

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