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Mexico edges toward letting foreign oil firms invest in Pemex

Los Angeles Times -- Mexico's ruling party has taken a step toward opening its state oil company to outsiders, a move that could eventually allow U.S. oil firms to drill south of the border.

In an important test of Mexican President Enrique Peña Nieto's sway over resistant factions of his party, the Institutional Revolutionary Party has changed its bylaws to clear the way for changes at Petroleos Mexicanos, or Pemex.

Pemex, a symbol of nationalist pride, is the top source of tax revenue for the Mexican government. But its production of oil has been declining dramatically and the company is in dire need of outside expertise for deep-sea exploration.

On Sunday, PRI, as the party is known, passed several changes that Peña Nieto needed for the reforms he promised as a hallmark of his administration. Chief and m


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Submitted Mar 05, 2013 By: 1studman
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Mexico edges toward letting foreign oil firms invest in Pemex Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

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Message Posted: Mar 10, 2013 5:24:49 AM

may not be a bad idea to have foreigners invest. The question is more, will the foreigners see any ROI or will that vanish into corurpt channels?
honda0105
Champion Author Tallahassee

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Message Posted: Mar 9, 2013 5:38:16 AM

judge: nothing. It won't move out of the ground any different than it has and so far, it looks like the Chavismos are staying.

However, did you notice this article was about Mexico? Check a map on the distance between the two.
judgemobile
Champion Author Ohio

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Message Posted: Mar 6, 2013 3:57:19 AM

what will happen with oil in Venezuela ??
NedW
Champion Author Indianapolis

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Message Posted: Mar 6, 2013 1:42:59 AM

Thank you for submitting this article, 1ststudman.
afghaned
Champion Author Ottawa

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Message Posted: Mar 5, 2013 11:40:53 PM

Don' do it!!!
carloco75
Champion Author Richmond

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Message Posted: Mar 5, 2013 10:35:11 PM

Wirk eT Wirk..!
kgbellman
Champion Author Ann Arbor

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Message Posted: Mar 5, 2013 10:34:24 PM

This sounds promising
Ahking
Champion Author Orange County

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Message Posted: Mar 5, 2013 10:32:04 PM

good.
TBONE3
Champion Author Pennsylvania

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Message Posted: Mar 5, 2013 10:18:04 PM

Looks like Mexico's leaders are doing something positive toward improving their government and improving their position in the"oil game"!
rap12MA
Champion Author Boston

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Message Posted: Mar 5, 2013 10:15:17 PM

Who in their right mind would ever consider doing business with such a corrupt and messed up country.
roadrunnerMO
Champion Author Kansas

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Message Posted: Mar 5, 2013 10:09:29 PM

Suppose they could drill there but I would still be apprehensive.
AKmailman
Champion Author Alaska

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Message Posted: Mar 5, 2013 10:06:46 PM

Let them work it out themselves
pa79th
Champion Author Pennsylvania

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Message Posted: Mar 5, 2013 10:05:42 PM

That's sure to drive the prices up! Haven't seen anything yet that drives them down.
streetcars
Champion Author Toledo

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Message Posted: Mar 5, 2013 10:04:49 PM

Too many hands in the till in Mexico.
Gas Thirsty
Champion Author Los Angeles

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Message Posted: Mar 5, 2013 10:03:05 PM

Good for the American oil companies.
comprof
Champion Author Houston

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Message Posted: Mar 5, 2013 10:01:33 PM

And next year they will steal it back. Corrupt government to the core. And we are not far behind.
Z51Corvette
Champion Author Austin

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Message Posted: Mar 5, 2013 10:00:17 PM

That is interesting.... I wonder why they are willing to do so, unless they need the cash!

Hey Rippin... can you come up with a better answer than... OK!!! Geez use the noggin!
obimerrill
Champion Author Cincinnati

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Message Posted: Mar 5, 2013 9:59:08 PM

They need outside investment...but be careful or they will eventually just take the money and run.
rippinusoff
Champion Author Lexington

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Message Posted: Mar 5, 2013 9:58:24 PM

ok
DustyHorse
Champion Author Virginia

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Message Posted: Mar 5, 2013 9:55:11 PM

I'm sure China will be all over this one.
AmmoManAaron
Champion Author Indianapolis

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Message Posted: Mar 5, 2013 9:51:40 PM

Could be good news, but they may just be trying to rip someone off.
jrschl
Champion Author Louisville

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Message Posted: Mar 5, 2013 9:49:35 PM

Opening the door for China.
Glock26
Champion Author Dayton

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Message Posted: Mar 5, 2013 9:48:28 PM

O.K.
Buddy2264
Champion Author Tampa

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Message Posted: Mar 5, 2013 9:43:16 PM

They may get the help they need but at a reduced profit to the government. I am guessing it is time to begin finding other ways for national income to pay the bill, oil will not cover it forever.
dougtaylor1
Champion Author Phoenix

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Message Posted: Mar 5, 2013 9:42:44 PM

Probably in worse shape than they say and need to rip off other investors.
Bigwaynef
Champion Author South Carolina

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Message Posted: Mar 5, 2013 9:40:51 PM

We need to get off our butts and do our own oil!!!
JMW1942
Champion Author Michigan

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Message Posted: Mar 5, 2013 9:37:30 PM

If Mexico wasn't so darn corrupt.
Zonk
Champion Author Michigan

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Message Posted: Mar 5, 2013 9:35:54 PM

Don't worry about Chavez. He is no longer living. It would be a good deal for Mexico to get involved with US corporations.
jkpsr
Champion Author New Jersey

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Message Posted: Mar 5, 2013 9:35:28 PM

This could increase the supply of Mexican oil.
southrob
Champion Author Tucson

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Message Posted: Mar 5, 2013 9:33:44 PM

dhan
grt197
Champion Author Illinois

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Message Posted: Mar 5, 2013 9:32:46 PM

to get tax
bikechuck
Champion Author Indianapolis

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Message Posted: Mar 5, 2013 9:29:28 PM

Wonder how Obama administration feels about drilling in someone else's backyard? While in Cancun, I was very uneasy at a gas station that reeked of fumes and I was slipping while walking because of the greasy gas and oil covering the station's pavement. Mexico doesn't have the safety rules that the USA has. They could use our expertise.
bvrbill
Champion Author Eugene

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Message Posted: Mar 5, 2013 9:26:05 PM

We will be better off with Mexico than with OPEC.

I agree, rahcat.
10k
Champion Author North Carolina

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Message Posted: Mar 5, 2013 9:25:26 PM

with the leadership we have trying to destroy this country, this ain't happenin'..
BobD2009
Champion Author Long Island

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Message Posted: Mar 5, 2013 9:23:21 PM

That's a surprise.
wshokie12
Champion Author Winston-Salem

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Message Posted: Mar 5, 2013 9:23:19 PM

Okay.
rahcat
Champion Author Grand Rapids

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Message Posted: Mar 5, 2013 9:23:12 PM

Let the United States in before the Chinese gobble Pemex up.

[Edited by: rahcat at 3/6/2013 12:23:44 AM EST]
mcbrownie220
Sophomore Author Toledo

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Message Posted: Mar 5, 2013 9:22:48 PM

ok
Rooster922
Champion Author Wilmington

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Message Posted: Mar 5, 2013 9:21:54 PM

Well
CivicMA
Champion Author Boston

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Message Posted: Mar 5, 2013 9:20:27 PM

Not sure you can trust them, but if it leads to cheaper oil and better price stability, the US companies should very carefully approach this possibility.
bigsranch
Champion Author Houston

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Message Posted: Mar 5, 2013 9:18:58 PM

US companies have been drilling and providing oil field services in Mexico for years, but only as suppliers for Pemex. They've never been allowed to own any of the production. That probably still won't happen under the current Mexican constitution, but Peña Nieto will get as close to that as he can.

The Mexican government has bled Pemex dry for so many years instead of allowing reinvestment in infrastructure that they've about killed the goose that lays the golden egg. Outside investment of some form is desperately needed.

And before you hammer the "corrupt" Mexican government too much, remember that they are running budget surpluses every year, with only a small national debt. Of course they haven't been fighting wars halfway around the world for the last decade.

[Edited by: bigsranch at 3/6/2013 12:23:26 AM EST]
arb0526
Champion Author Greensboro

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Message Posted: Mar 5, 2013 9:18:44 PM

Don't worry China will take it over like they have the USA
crreed1
Champion Author West Virginia

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Message Posted: Mar 5, 2013 9:18:23 PM

old news
DJRIO
Champion Author Miami

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Message Posted: Mar 5, 2013 9:15:10 PM

they need real company manage it right
mia3bxs
All-Star Author Miami

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Message Posted: Mar 5, 2013 9:14:35 PM

Say it ain't so.
tedjm1
Champion Author New York

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Message Posted: Mar 5, 2013 9:12:53 PM

Okay
jorod55
Champion Author California

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Message Posted: Mar 5, 2013 9:12:31 PM

This Is A Test.
This is only a test.
If they don't get their way the test will terminate.
Blue_Cruzer
Champion Author Lexington

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Message Posted: Mar 5, 2013 9:12:15 PM

I agree with OGW of London.
OGW
Champion Author London

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Message Posted: Mar 5, 2013 9:10:55 PM

China will beat out the US in Mexaco like they do everywhere else!
snky2k
Champion Author Indianapolis

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Message Posted: Mar 5, 2013 9:10:35 PM

Commented on this yesterday.
CISA
Champion Author Orange County

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Message Posted: Mar 5, 2013 9:10:25 PM

Socialism kills companies and jobs. The PRI is taking the first steps toward leaning free.
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