The results of the fourth Round 1 oil and gas licence auction, announced on 5 December, have been widely hailed as an important success story for Mexico, with eight of 10 deep water exploration blocks snapped up by oil and gas ‘super majors’ including Chevron, ExxonMobil, Total and BP. This highlights the question of how Mexico’s landmark energy reform, introduced by President Enrique Peña Nieto over an intense 18-month period in 2013-2014, should now be perceived. In the last three years, it has been both hyped and celebrated, and cursed as an abject failure. Now, it appears, it is beginning to look good again. But the roller-coaster ride may not be over yet.