Not Logged In Log In   Sign Up   Points Leaders
Follow Us    6:35 AM

GasBuddy News Article

48
votes
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


Read the Full Article

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

Posts:24,027
Points:2,384,665
Joined:Nov 2008
Message Posted: Mar 10, 2013 8:24:49 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

Posts:24,027
Points:2,384,665
Joined:Nov 2008
Message Posted: Mar 9, 2013 8:38:16 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

Posts:10,804
Points:3,219,875
Joined:Nov 2005
Message Posted: Mar 6, 2013 6:57:19 AM

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

Posts:8,113
Points:1,728,020
Joined:Mar 2008
Message Posted: Mar 6, 2013 4:42:59 AM

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

Posts:16,219
Points:2,060,495
Joined:May 2004
Message Posted: Mar 6, 2013 2:40:53 AM

Don' do it!!!
carloco75
Champion Author Richmond

Posts:6,877
Points:1,345,835
Joined:Oct 2010
Message Posted: Mar 6, 2013 1:35:11 AM

Wirk eT Wirk..!
kgbellman
Champion Author Ann Arbor

Posts:5,904
Points:1,504,335
Joined:Mar 2011
Message Posted: Mar 6, 2013 1:34:24 AM

This sounds promising
Ahking
Champion Author Orange County

Posts:3,618
Points:625,235
Joined:May 2011
Message Posted: Mar 6, 2013 1:32:04 AM

good.
TBONE3
Champion Author Pennsylvania

Posts:10,829
Points:2,427,350
Joined:Mar 2005
Message Posted: Mar 6, 2013 1:18:04 AM

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

Posts:3,108
Points:797,500
Joined:Mar 2012
Message Posted: Mar 6, 2013 1:15:17 AM

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

Posts:11,654
Points:2,474,565
Joined:Jul 2008
Message Posted: Mar 6, 2013 1:09:29 AM

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

Posts:8,889
Points:2,327,320
Joined:Jul 2004
Message Posted: Mar 6, 2013 1:06:46 AM

Let them work it out themselves
pa79th
Champion Author Pennsylvania

Posts:5,002
Points:1,968,750
Joined:Jun 2007
Message Posted: Mar 6, 2013 1:05:42 AM

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

Posts:15,503
Points:3,374,075
Joined:Apr 2005
Message Posted: Mar 6, 2013 1:04:49 AM

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

Posts:6,368
Points:3,945,075
Joined:Mar 2003
Message Posted: Mar 6, 2013 1:03:05 AM

Good for the American oil companies.
comprof
Champion Author Houston

Posts:10,335
Points:2,128,065
Joined:Jul 2009
Message Posted: Mar 6, 2013 1:01:33 AM

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

Posts:11,139
Points:2,355,980
Joined:Jan 2008
Message Posted: Mar 6, 2013 1:00:17 AM

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:4,669
Points:1,063,440
Joined:Jul 2012
Message Posted: Mar 6, 2013 12:59:08 AM

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

Posts:10,620
Points:2,259,555
Joined:May 2007
Message Posted: Mar 6, 2013 12:58:24 AM

ok
DustyHorse
Champion Author Virginia

Posts:9,224
Points:2,127,365
Joined:Oct 2008
Message Posted: Mar 6, 2013 12:55:11 AM

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

Posts:3,150
Points:790,965
Joined:Oct 2012
Message Posted: Mar 6, 2013 12:51:40 AM

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

Posts:6,199
Points:1,454,865
Joined:Jun 2011
Message Posted: Mar 6, 2013 12:49:35 AM

Opening the door for China.
Glock26
Champion Author Dayton

Posts:4,626
Points:1,376,785
Joined:Mar 2011
Message Posted: Mar 6, 2013 12:48:28 AM

O.K.
Buddy2264
Champion Author Tampa

Posts:14,954
Points:3,134,545
Joined:Oct 2005
Message Posted: Mar 6, 2013 12:43:16 AM

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:1,794
Points:476,085
Joined:Jun 2011
Message Posted: Mar 6, 2013 12:42:44 AM

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

Posts:15,540
Points:2,851,380
Joined:Dec 2006
Message Posted: Mar 6, 2013 12:40:51 AM

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

Posts:3,561
Points:1,138,885
Joined:Feb 2012
Message Posted: Mar 6, 2013 12:37:30 AM

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

Posts:9,673
Points:2,866,575
Joined:Oct 2005
Message Posted: Mar 6, 2013 12:35:54 AM

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:5,973
Points:1,627,520
Joined:Jun 2005
Message Posted: Mar 6, 2013 12:35:28 AM

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

Posts:6,067
Points:1,382,520
Joined:Mar 2011
Message Posted: Mar 6, 2013 12:33:44 AM

dhan
grt197
Champion Author Illinois

Posts:2,141
Points:511,130
Joined:Jan 2013
Message Posted: Mar 6, 2013 12:32:46 AM

to get tax
bikechuck
Champion Author Indianapolis

Posts:10,271
Points:2,837,675
Joined:Apr 2006
Message Posted: Mar 6, 2013 12:29:28 AM

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:8,158
Points:1,291,750
Joined:Jul 2011
Message Posted: Mar 6, 2013 12:26:05 AM

We will be better off with Mexico than with OPEC.

I agree, rahcat.
10k
Champion Author North Carolina

Posts:25,609
Points:3,026,625
Joined:May 2006
Message Posted: Mar 6, 2013 12:25:26 AM

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

Posts:10,177
Points:1,998,790
Joined:Apr 2009
Message Posted: Mar 6, 2013 12:23:21 AM

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

Posts:3,420
Points:913,890
Joined:Aug 2012
Message Posted: Mar 6, 2013 12:23:19 AM

Okay.
rahcat
Champion Author Grand Rapids

Posts:5,945
Points:1,436,750
Joined:Jan 2010
Message Posted: Mar 6, 2013 12:23:12 AM

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:184,525
Joined:Jun 2012
Message Posted: Mar 6, 2013 12:22:48 AM

ok
Rooster922
Champion Author Wilmington

Posts:4,237
Points:1,175,170
Joined:Jan 2009
Message Posted: Mar 6, 2013 12:21:54 AM

Well
CivicMA
Champion Author Boston

Posts:5,171
Points:1,307,225
Joined:Jun 2011
Message Posted: Mar 6, 2013 12:20:27 AM

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:3,751
Points:1,165,860
Joined:Apr 2007
Message Posted: Mar 6, 2013 12:18:58 AM

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:2,781
Points:582,685
Joined:Mar 2011
Message Posted: Mar 6, 2013 12:18:44 AM

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

Posts:5,001
Points:3,210,385
Joined:May 2005
Message Posted: Mar 6, 2013 12:18:23 AM

old news
DJRIO
Champion Author Miami

Posts:11,513
Points:2,199,610
Joined:Jan 2008
Message Posted: Mar 6, 2013 12:15:10 AM

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

Posts:517
Points:854,790
Joined:Jul 2011
Message Posted: Mar 6, 2013 12:14:35 AM

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

Posts:5,609
Points:801,050
Joined:Dec 2006
Message Posted: Mar 6, 2013 12:12:53 AM

Okay
jorod55
Champion Author California

Posts:4,706
Points:1,204,280
Joined:Dec 2011
Message Posted: Mar 6, 2013 12:12:31 AM

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:8,894
Points:1,942,465
Joined:Mar 2007
Message Posted: Mar 6, 2013 12:12:15 AM

I agree with OGW of London.
OGW
Champion Author London

Posts:7,135
Points:2,190,965
Joined:Sep 2005
Message Posted: Mar 6, 2013 12:10:55 AM

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

Posts:3,579
Points:1,027,145
Joined:Mar 2012
Message Posted: Mar 6, 2013 12:10:35 AM

Commented on this yesterday.
CISA
Champion Author Orange County

Posts:8,235
Points:1,960,300
Joined:Dec 2006
Message Posted: Mar 6, 2013 12:10:25 AM

Socialism kills companies and jobs. The PRI is taking the first steps toward leaning free.
Post a reply Back to Topics