The well-being framework allows understanding of people’s connections with ecosystems, emphasizing their material, relational, and subjective contributions to a well-lived life. This chapter examines the dynamics of well-being in fishing communities of Tabasco and Campeche, Mexico, which coexist with the oil industry. Drawing on fishers’ perspectives, the study examines the local socio-environmental costs and benefits of oil expansion to identify trade-offs and opportunities between both sectors. It also underscores nature’s contributions to small-scale fisheries (SSF) and social well-being. Results show household material conditions were similar across communities although income, fishing assets, and economic support to fishers varied. Relational well-being reflected the dynamics of the SSF market and the unequal institutional responses during contingencies. The subjective dimension revealed that more perceived costs than benefits were associated with oil development, alongside high job satisfaction rooted in fishing culture and family tradition, which is now at risk due to rapid regional oil expansion. Identified trade-offs across economic, environmental, spatial, and social dimensions reveal the increasing vulnerability of SSF to oil expansion. Promoting harmonious coexistence between the two sectors requires intersectoral collaboration with a socio-environmental perspective, integrating the fishers’ perceptions, local contexts, and needs of fishing communities into policy frameworks to secure sustainability, social cohesion, and cultural heritage.