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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

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honda0105 Champion Author Tallahassee Posts:18,590 Points:1,606,595 Joined:Nov 2008	Message Posted: Mar 10, 2013 5:24:49 AM Ignore honda0105 Report Abuse 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 Posts:18,590 Points:1,606,595 Joined:Nov 2008	Message Posted: Mar 9, 2013 5:38:16 AM Ignore honda0105 Report Abuse 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 Posts:7,555 Points:2,442,210 Joined:Nov 2005	Message Posted: Mar 6, 2013 3:57:19 AM Ignore judgemobile Report Abuse what will happen with oil in Venezuela ??
NedW Champion Author Indianapolis Posts:5,599 Points:1,139,320 Joined:Mar 2008	Message Posted: Mar 6, 2013 1:42:59 AM Ignore NedW Report Abuse Thank you for submitting this article, 1ststudman.
afghaned Champion Author Hamilton Posts:11,798 Points:1,282,460 Joined:May 2004	Message Posted: Mar 5, 2013 11:40:53 PM Ignore afghaned Report Abuse Don' do it!!!
carloco75 Champion Author Richmond Posts:3,706 Points:597,540 Joined:Oct 2010	Message Posted: Mar 5, 2013 10:35:11 PM Ignore carloco75 Report Abuse Wirk eT Wirk..!
kgbellman Champion Author Ann Arbor Posts:2,698 Points:728,915 Joined:Mar 2011	Message Posted: Mar 5, 2013 10:34:24 PM Ignore kgbellman Report Abuse This sounds promising
Ahking Champion Author Orange County Posts:3,492 Points:600,445 Joined:May 2011	Message Posted: Mar 5, 2013 10:32:04 PM Ignore Ahking Report Abuse good.
TBONE3 Champion Author Pennsylvania Posts:8,731 Points:1,973,725 Joined:Mar 2005	Message Posted: Mar 5, 2013 10:18:04 PM Ignore TBONE3 Report Abuse Looks like Mexico's leaders are doing something positive toward improving their government and improving their position in the"oil game"!
rap12MA Veteran Author Boston Posts:446 Points:149,850 Joined:Mar 2012	Message Posted: Mar 5, 2013 10:15:17 PM Ignore rap12MA Report Abuse Who in their right mind would ever consider doing business with such a corrupt and messed up country.
roadrunnerMO Champion Author Kansas Posts:8,391 Points:1,696,540 Joined:Jul 2008	Message Posted: Mar 5, 2013 10:09:29 PM Ignore roadrunnerMO Report Abuse Suppose they could drill there but I would still be apprehensive.
AKmailman Champion Author Alaska Posts:5,618 Points:1,554,640 Joined:Jul 2004	Message Posted: Mar 5, 2013 10:06:46 PM Ignore AKmailman Report Abuse Let them work it out themselves
pa79th Champion Author Pennsylvania Posts:1,762 Points:1,212,850 Joined:Jun 2007	Message Posted: Mar 5, 2013 10:05:42 PM Ignore pa79th Report Abuse That's sure to drive the prices up! Haven't seen anything yet that drives them down.
streetcars Champion Author Toledo Posts:12,249 Points:2,603,715 Joined:Apr 2005	Message Posted: Mar 5, 2013 10:04:49 PM Ignore streetcars Report Abuse Too many hands in the till in Mexico.
Gas Thirsty Champion Author Los Angeles Posts:4,866 Points:3,224,750 Joined:Mar 2003	Message Posted: Mar 5, 2013 10:03:05 PM Ignore Gas Thirsty Report Abuse Good for the American oil companies.
comprof Champion Author Houston Posts:6,844 Points:1,353,825 Joined:Jul 2009	Message Posted: Mar 5, 2013 10:01:33 PM Ignore comprof Report Abuse And next year they will steal it back. Corrupt government to the core. And we are not far behind.
Z51Corvette Champion Author Austin Posts:8,475 Points:1,668,445 Joined:Jan 2008	Message Posted: Mar 5, 2013 10:00:17 PM Ignore Z51Corvette Report Abuse 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 Posts:1,425 Points:286,790 Joined:Jul 2012	Message Posted: Mar 5, 2013 9:59:08 PM Ignore obimerrill Report Abuse They need outside investment...but be careful or they will eventually just take the money and run.
rippinusoff Champion Author Lexington Posts:7,393 Points:1,485,075 Joined:May 2007	Message Posted: Mar 5, 2013 9:58:24 PM Ignore rippinusoff Report Abuse ok
DustyHorse Champion Author Virginia Posts:6,067 Points:1,387,845 Joined:Oct 2008	Message Posted: Mar 5, 2013 9:55:11 PM Ignore DustyHorse Report Abuse I'm sure China will be all over this one.
AmmoManAaron All-Star Author Indianapolis Posts:525 Points:129,340 Joined:Oct 2012	Message Posted: Mar 5, 2013 9:51:40 PM Ignore AmmoManAaron Report Abuse Could be good news, but they may just be trying to rip someone off.
jrschl Champion Author Louisville Posts:2,952 Points:677,840 Joined:Jun 2011	Message Posted: Mar 5, 2013 9:49:35 PM Ignore jrschl Report Abuse Opening the door for China.
Glock26 Champion Author Dayton Posts:1,514 Points:630,435 Joined:Mar 2011	Message Posted: Mar 5, 2013 9:48:28 PM Ignore Glock26 Report Abuse O.K.
Buddy2264 Champion Author Tampa Posts:11,639 Points:2,357,045 Joined:Oct 2005	Message Posted: Mar 5, 2013 9:43:16 PM Ignore Buddy2264 Report Abuse 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 Posts:1,746 Points:444,000 Joined:Jun 2011	Message Posted: Mar 5, 2013 9:42:44 PM Ignore dougtaylor1 Report Abuse Probably in worse shape than they say and need to rip off other investors.
Bigwaynef Champion Author South Carolina Posts:11,451 Points:2,077,835 Joined:Dec 2006	Message Posted: Mar 5, 2013 9:40:51 PM Ignore Bigwaynef Report Abuse We need to get off our butts and do our own oil!!!
JMW1942 All-Star Author Michigan Posts:549 Points:402,970 Joined:Feb 2012	Message Posted: Mar 5, 2013 9:37:30 PM Ignore JMW1942 Report Abuse If Mexico wasn't so darn corrupt.
Zonk Champion Author Michigan Posts:6,466 Points:2,099,090 Joined:Oct 2005	Message Posted: Mar 5, 2013 9:35:54 PM Ignore Zonk Report Abuse 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 Posts:4,069 Points:1,099,105 Joined:Jun 2005	Message Posted: Mar 5, 2013 9:35:28 PM Ignore jkpsr Report Abuse This could increase the supply of Mexican oil.
southrob Champion Author Tucson Posts:3,585 Points:685,150 Joined:Mar 2011	Message Posted: Mar 5, 2013 9:33:44 PM Ignore southrob Report Abuse dhan
grt197 All-Star Author Illinois Posts:558 Points:122,560 Joined:Jan 2013	Message Posted: Mar 5, 2013 9:32:46 PM Ignore grt197 Report Abuse to get tax
bikechuck Champion Author Indianapolis Posts:6,996 Points:2,060,195 Joined:Apr 2006	Message Posted: Mar 5, 2013 9:29:28 PM Ignore bikechuck Report Abuse 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 Posts:3,193 Points:514,850 Joined:Jul 2011	Message Posted: Mar 5, 2013 9:26:05 PM Ignore bvrbill Report Abuse We will be better off with Mexico than with OPEC. I agree, rahcat.
10k Champion Author North Carolina Posts:21,226 Points:2,251,095 Joined:May 2006	Message Posted: Mar 5, 2013 9:25:26 PM Ignore 10k Report Abuse with the leadership we have trying to destroy this country, this ain't happenin'..
BobD2009 Champion Author Long Island Posts:6,974 Points:1,236,860 Joined:Apr 2009	Message Posted: Mar 5, 2013 9:23:21 PM Ignore BobD2009 Report Abuse That's a surprise.
wshokie12 Champion Author Winston-Salem Posts:1,300 Points:212,560 Joined:Aug 2012	Message Posted: Mar 5, 2013 9:23:19 PM Ignore wshokie12 Report Abuse Okay.
rahcat Champion Author Grand Rapids Posts:2,453 Points:660,025 Joined:Jan 2010	Message Posted: Mar 5, 2013 9:23:12 PM Ignore rahcat Report Abuse 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 Posts:225 Points:151,375 Joined:Jun 2012	Message Posted: Mar 5, 2013 9:22:48 PM Ignore mcbrownie220 Report Abuse ok
Rooster922 Champion Author Wilmington Posts:3,773 Points:653,145 Joined:Jan 2009	Message Posted: Mar 5, 2013 9:21:54 PM Ignore Rooster922 Report Abuse Well
CivicMA Champion Author Boston Posts:1,882 Points:531,520 Joined:Jun 2011	Message Posted: Mar 5, 2013 9:20:27 PM Ignore CivicMA Report Abuse 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 Posts:3,131 Points:1,002,555 Joined:Apr 2007	Message Posted: Mar 5, 2013 9:18:58 PM Ignore bigsranch Report Abuse 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 Posts:1,961 Points:407,695 Joined:Mar 2011	Message Posted: Mar 5, 2013 9:18:44 PM Ignore arb0526 Report Abuse Don't worry China will take it over like they have the USA
crreed1 Champion Author West Virginia Posts:1,970 Points:2,523,410 Joined:May 2005	Message Posted: Mar 5, 2013 9:18:23 PM Ignore crreed1 Report Abuse old news
DJRIO Champion Author Miami Posts:8,030 Points:1,422,660 Joined:Jan 2008	Message Posted: Mar 5, 2013 9:15:10 PM Ignore DJRIO Report Abuse they need real company manage it right
mia3bxs Veteran Author Miami Posts:447 Points:308,715 Joined:Jul 2011	Message Posted: Mar 5, 2013 9:14:35 PM Ignore mia3bxs Report Abuse Say it ain't so.
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Mar 5, 2013 9:12:53 PM Ignore tedjm1 Report Abuse Okay
jorod55 Champion Author California Posts:1,460 Points:427,950 Joined:Dec 2011	Message Posted: Mar 5, 2013 9:12:31 PM Ignore jorod55 Report Abuse 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 Posts:7,505 Points:1,666,660 Joined:Mar 2007	Message Posted: Mar 5, 2013 9:12:15 PM Ignore Blue_Cruzer Report Abuse I agree with OGW of London.
OGW Champion Author London Posts:5,324 Points:1,529,650 Joined:Sep 2005	Message Posted: Mar 5, 2013 9:10:55 PM Ignore OGW Report Abuse China will beat out the US in Mexaco like they do everywhere else!
snky2k Champion Author Indianapolis Posts:1,383 Points:300,640 Joined:Mar 2012	Message Posted: Mar 5, 2013 9:10:35 PM Ignore snky2k Report Abuse Commented on this yesterday.