For Petroleos Mexicanos Chief Executive Officer Emilio Lozoya, the arrival of foreign oil producers after a 76-year hiatus can’t come soon enough. Facing deteriorating output and a lack of resources to develop new finds, the 39-year-old former World Economic Forum executive said he’s in talks with all major producers as Mexico accelerates the opening of its oil industry. At the same time, he’s considering revising production estimates as water content rises at aging fields such as Cantarell, once the world’s third-largest deposit. Lozoya is charged with transforming the state monopoly into a competitive enterprise under new rules allowing greater private investment. He’s seeking to reverse a decade-long production decline by establishing 10 joint ventures in mature, onshore and offshore areas by December 2015.