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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:18,834 Points:1,638,195 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:18,834 Points:1,638,195 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:7,710 Points:2,473,610 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:5,755 Points:1,168,970 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:11,990 Points:1,314,360 Joined:May 2004	Message Posted: Mar 5, 2013 11:40:53 PM Ignore afghaned Report Abuse Don' do it!!!
carloco75 Champion Author Richmond Posts:3,854 Points:628,695 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:2,859 Points:760,515 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:3,599 Points:621,360 Joined:May 2011	Message Posted: Mar 5, 2013 10:32:04 PM Ignore Ahking Report Abuse good.
TBONE3 Champion Author Pennsylvania Posts:8,886 Points:2,005,100 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 All-Star Author Boston Posts:606 Points:181,550 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:8,552 Points:1,728,140 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:5,768 Points:1,585,790 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:1,927 Points:1,244,025 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:12,409 Points:2,635,315 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:4,937 Points:3,253,395 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:7,015 Points:1,385,425 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:8,613 Points:1,698,385 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:1,585 Points:318,390 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:7,543 Points:1,515,475 Joined:May 2007	Message Posted: Mar 5, 2013 9:58:24 PM Ignore rippinusoff Report Abuse ok
DustyHorse Champion Author Virginia Posts:6,224 Points:1,417,780 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:632 Points:149,865 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:3,107 Points:708,765 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:1,654 Points:658,135 Joined:Mar 2011	Message Posted: Mar 5, 2013 9:48:28 PM Ignore Glock26 Report Abuse O.K.
Buddy2264 Champion Author Tampa Posts:11,802 Points:2,388,645 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:1,781 Points:457,150 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:11,681 Points:2,109,410 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:716 Points:434,670 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:6,626 Points:2,130,690 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:4,212 Points:1,128,890 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:3,741 Points:715,875 Joined:Mar 2011	Message Posted: Mar 5, 2013 9:33:44 PM Ignore southrob Report Abuse dhan
grt197 All-Star Author Illinois Posts:712 Points:153,265 Joined:Jan 2013	Message Posted: Mar 5, 2013 9:32:46 PM Ignore grt197 Report Abuse to get tax
bikechuck Champion Author Indianapolis Posts:7,153 Points:2,090,820 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:3,445 Points:546,325 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:21,494 Points:2,282,695 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:7,134 Points:1,268,460 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:1,460 Points:244,260 Joined:Aug 2012	Message Posted: Mar 5, 2013 9:23:19 PM Ignore wshokie12 Report Abuse Okay.
rahcat Champion Author Grand Rapids Posts:2,700 Points:690,875 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:174,625 Joined:Jun 2012	Message Posted: Mar 5, 2013 9:22:48 PM Ignore mcbrownie220 Report Abuse ok
Rooster922 Champion Author Wilmington Posts:3,930 Points:683,770 Joined:Jan 2009	Message Posted: Mar 5, 2013 9:21:54 PM Ignore Rooster922 Report Abuse Well
CivicMA Champion Author Boston Posts:2,040 Points:563,470 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:3,287 Points:1,033,180 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:2,117 Points:438,320 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:2,105 Points:2,551,690 Joined:May 2005	Message Posted: Mar 5, 2013 9:18:23 PM Ignore crreed1 Report Abuse old news
DJRIO Champion Author Miami Posts:8,186 Points:1,453,285 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:492 Points:332,490 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:1,617 Points:459,425 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:7,660 Points:1,697,285 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:5,446 Points:1,558,085 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:1,528 Points:330,815 Joined:Mar 2012	Message Posted: Mar 5, 2013 9:10:35 PM Ignore snky2k Report Abuse Commented on this yesterday.