Not Logged In Log In   Sign Up   Points Leaders
Follow Us    9:22 PM

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
Profile Pic
honda0105
Champion Author Tallahassee

Posts:22,722
Points:2,186,040
Joined:Nov 2008
Message Posted: Mar 10, 2013 7:24:49 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?
Profile Pic
honda0105
Champion Author Tallahassee

Posts:22,722
Points:2,186,040
Joined:Nov 2008
Message Posted: Mar 9, 2013 7:38:16 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.
Profile Pic
judgemobile
Champion Author Ohio

Posts:10,054
Points:3,021,110
Joined:Nov 2005
Message Posted: Mar 6, 2013 5:57:19 AM

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

Posts:7,852
Points:1,645,200
Joined:Mar 2008
Message Posted: Mar 6, 2013 3:42:59 AM

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

Posts:15,117
Points:1,861,730
Joined:May 2004
Message Posted: Mar 6, 2013 1:40:53 AM

Don' do it!!!
Profile Pic
carloco75
Champion Author Richmond

Posts:6,195
Points:1,160,670
Joined:Oct 2010
Message Posted: Mar 6, 2013 12:35:11 AM

Wirk eT Wirk..!
Profile Pic
kgbellman
Champion Author Ann Arbor

Posts:5,186
Points:1,306,840
Joined:Mar 2011
Message Posted: Mar 6, 2013 12:34:24 AM

This sounds promising
Profile Pic
Ahking
Champion Author Orange County

Posts:3,618
Points:625,235
Joined:May 2011
Message Posted: Mar 6, 2013 12:32:04 AM

good.
Profile Pic
TBONE3
Champion Author Pennsylvania

Posts:10,829
Points:2,427,350
Joined:Mar 2005
Message Posted: Mar 6, 2013 12:18:04 AM

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

Posts:2,569
Points:642,140
Joined:Mar 2012
Message Posted: Mar 6, 2013 12:15:17 AM

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

Posts:10,911
Points:2,276,390
Joined:Jul 2008
Message Posted: Mar 6, 2013 12:09:29 AM

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

Posts:8,145
Points:2,129,595
Joined:Jul 2004
Message Posted: Mar 6, 2013 12:06:46 AM

Let them work it out themselves
Profile Pic
pa79th
Champion Author Pennsylvania

Posts:4,255
Points:1,775,350
Joined:Jun 2007
Message Posted: Mar 6, 2013 12:05:42 AM

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

Posts:14,780
Points:3,180,385
Joined:Apr 2005
Message Posted: Mar 6, 2013 12:04:49 AM

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

Posts:6,231
Points:3,766,405
Joined:Mar 2003
Message Posted: Mar 6, 2013 12:03:05 AM

Good for the American oil companies.
Profile Pic
comprof
Champion Author Houston

Posts:9,537
Points:1,930,725
Joined:Jul 2009
Message Posted: Mar 6, 2013 12:01:33 AM

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

Posts:10,504
Points:2,181,770
Joined:Jan 2008
Message Posted: Mar 6, 2013 12:00:17 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!
Profile Pic
obimerrill
Champion Author Cincinnati

Posts:3,921
Points:864,815
Joined:Jul 2012
Message Posted: Mar 5, 2013 11:59:08 PM

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

Posts:9,890
Points:2,062,825
Joined:May 2007
Message Posted: Mar 5, 2013 11:58:24 PM

ok
Profile Pic
DustyHorse
Champion Author Virginia

Posts:8,492
Points:1,933,560
Joined:Oct 2008
Message Posted: Mar 5, 2013 11:55:11 PM

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

Posts:2,565
Points:616,550
Joined:Oct 2012
Message Posted: Mar 5, 2013 11:51:40 PM

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

Posts:5,454
Points:1,257,240
Joined:Jun 2011
Message Posted: Mar 5, 2013 11:49:35 PM

Opening the door for China.
Profile Pic
Glock26
Champion Author Dayton

Posts:3,902
Points:1,184,100
Joined:Mar 2011
Message Posted: Mar 5, 2013 11:48:28 PM

O.K.
Profile Pic
Buddy2264
Champion Author Tampa

Posts:14,198
Points:2,936,145
Joined:Oct 2005
Message Posted: Mar 5, 2013 11:43:16 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.
Profile Pic
dougtaylor1
Champion Author Phoenix

Posts:1,792
Points:470,795
Joined:Jun 2011
Message Posted: Mar 5, 2013 11:42:44 PM

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

Posts:14,648
Points:2,654,145
Joined:Dec 2006
Message Posted: Mar 5, 2013 11:40:51 PM

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

Posts:2,847
Points:948,935
Joined:Feb 2012
Message Posted: Mar 5, 2013 11:37:30 PM

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

Posts:8,930
Points:2,670,875
Joined:Oct 2005
Message Posted: Mar 5, 2013 11:35:54 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.
Profile Pic
jkpsr
Champion Author New Jersey

Posts:5,936
Points:1,574,480
Joined:Jun 2005
Message Posted: Mar 5, 2013 11:35:28 PM

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

Posts:5,958
Points:1,221,050
Joined:Mar 2011
Message Posted: Mar 5, 2013 11:33:44 PM

dhan
Profile Pic
grt197
Champion Author Illinois

Posts:2,141
Points:510,030
Joined:Jan 2013
Message Posted: Mar 5, 2013 11:32:46 PM

to get tax
Profile Pic
bikechuck
Champion Author Indianapolis

Posts:9,521
Points:2,639,070
Joined:Apr 2006
Message Posted: Mar 5, 2013 11:29:28 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.
Profile Pic
bvrbill
Champion Author Eugene

Posts:6,996
Points:1,094,025
Joined:Jul 2011
Message Posted: Mar 5, 2013 11:26:05 PM

We will be better off with Mexico than with OPEC.

I agree, rahcat.
Profile Pic
10k
Champion Author North Carolina

Posts:24,609
Points:2,828,000
Joined:May 2006
Message Posted: Mar 5, 2013 11:25:26 PM

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

Posts:9,432
Points:1,800,285
Joined:Apr 2009
Message Posted: Mar 5, 2013 11:23:21 PM

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

Posts:3,025
Points:732,090
Joined:Aug 2012
Message Posted: Mar 5, 2013 11:23:19 PM

Okay.
Profile Pic
rahcat
Champion Author Grand Rapids

Posts:5,185
Points:1,239,125
Joined:Jan 2010
Message Posted: Mar 5, 2013 11:23:12 PM

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

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

Posts:225
Points:184,525
Joined:Jun 2012
Message Posted: Mar 5, 2013 11:22:48 PM

ok
Profile Pic
Rooster922
Champion Author Wilmington

Posts:4,138
Points:1,020,830
Joined:Jan 2009
Message Posted: Mar 5, 2013 11:21:54 PM

Well
Profile Pic
CivicMA
Champion Author Boston

Posts:4,427
Points:1,108,700
Joined:Jun 2011
Message Posted: Mar 5, 2013 11:20:27 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.
Profile Pic
bigsranch
Champion Author Houston

Posts:3,751
Points:1,161,260
Joined:Apr 2007
Message Posted: Mar 5, 2013 11:18:58 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]
Profile Pic
arb0526
Champion Author Greensboro

Posts:2,781
Points:582,685
Joined:Mar 2011
Message Posted: Mar 5, 2013 11:18:44 PM

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

Posts:4,294
Points:3,040,410
Joined:May 2005
Message Posted: Mar 5, 2013 11:18:23 PM

old news
Profile Pic
DJRIO
Champion Author Miami

Posts:10,752
Points:2,001,660
Joined:Jan 2008
Message Posted: Mar 5, 2013 11:15:10 PM

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

Posts:517
Points:718,990
Joined:Jul 2011
Message Posted: Mar 5, 2013 11:14:35 PM

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

Posts:5,609
Points:801,050
Joined:Dec 2006
Message Posted: Mar 5, 2013 11:12:53 PM

Okay
Profile Pic
jorod55
Champion Author California

Posts:3,958
Points:1,006,940
Joined:Dec 2011
Message Posted: Mar 5, 2013 11:12:31 PM

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

Posts:8,894
Points:1,942,465
Joined:Mar 2007
Message Posted: Mar 5, 2013 11:12:15 PM

I agree with OGW of London.
Profile Pic
OGW
Champion Author London

Posts:6,890
Points:2,027,355
Joined:Sep 2005
Message Posted: Mar 5, 2013 11:10:55 PM

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

Posts:3,103
Points:841,710
Joined:Mar 2012
Message Posted: Mar 5, 2013 11:10:35 PM

Commented on this yesterday.
Post a reply Back to Topics