With the newly enacted energy reform, the Mexican Government introduced a variety of neoliberal measures to increase sectorial productivity. The debate within Mexico has centred on whether or not the liberalisation of the energy sector will benefit the Mexican economy. Based on a paradox of conflicting demands of securing economic development by state control or open market policies, this project analysis how Mexico attempts to balance these demands by the means of the Mexican energy reform. We analyse the legal framework by using the theories of neoliberalisation, natural resource curse, and FDI and economic development. We conclude that the Mexican energy reform is a clear balancing act that confirms Mexico to keep control over the energy sector by ensuring PEMEX to remain the dominant actor, disciplining FDI and by making the State the main benefiter of the reform in terms of revenues.