Mexican President Enrique Pena Nieto has rolled out his proposal to allow foreign firms to sign production-sharing contracts for oil exploration and output, a controversial step that could greatly increase production. And Tayvis Dunnahoe of Oil & Gas Journal reports on Texas’s Spraberry Wolfcamp shale, which Pioneer Natural Resources CEO Scott Sheffield believes could be the “largest oil and gas discovery in the world”:

Based on recoverable reserves, the Wolfcamp is second only the Ghawar field in Saudi Arabia. “We believe this field will reach 100 billion boe recoverable reserves at some point in time,” Sheffield said.