Mexico’s Congress on Thursday will begin debating a long-awaited energy reform bill that the government hopes will reverse the country’s declining oil production and ensure long-term self-sufficiency.

The bill, which centre-right president Felipe Calderón finally presented late on Tuesday, proposes greater managerial and financial autonomy for Pemex, the state oil monopoly, and a role for the private sector in the construction and operation of refineries as well as transportation.