Leaders of Mexico’s opposition conservatives unveiled an outline for a market-friendly energy reform on Thursday, saying it would lure billions of dollars in private investment to the country’s struggling oil and gas sector.

The plan put forward by leaders of the National Action Party, or PAN, aims to amend several articles of Mexico’s constitution, a long-standing roadblock to permitting private concessions or joint ventures with multinational oil companies.

President Enrique Pena Nieto of the centrist Institutional Revolutionary Party, or PRI, has also promised a sweeping energy reform, but details are not expected until September.

The PAN’s proposal follows the presentation of a separate energy reform plan by the leftist Party of the Democratic Revolution, increasing pressure on Pena Nieto to show his hand.

“Our oil industry model has run dry,” PAN party chairman Gustavo Madero told reporters. “It is an unsustainable, non-viable model that needs to be thoroughly reformed in order to return to productivity.”

via Mexico’s conservatives propose ‘deep’ energy reform, concessions | Reuters.