VOICED : Pemex anuncia perdidas millonarias

Pemex announced significant financial losses as Mexico progresses with a controversial energy reform to open the oil sector to private investment. The losses, amounting to $2.685 billion, are attributed to falling oil prices and increased taxes. Pemex, a major contributor to Mexico's public revenue, has seen declining crude production since 2004. In response, the government led by Enrique Peña Nieto initiated a constitutional reform to modernize Pemex and introduce competition. This reform allows private companies to explore and extract hydrocarbons for the first time in 75 years, sparking opposition from the Mexican left and intellectuals who fear privatization, despite government assurances of state ownership.

How long had it been since private companies were allowed to participate in the exploration and extraction of hydrocarbons?

What concerns do critics have regarding the reform to open the oil sector to private companies?