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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:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Mar 10, 2013 6:24:49 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:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Mar 9, 2013 6:38:16 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:7,580 Points:2,447,085 Joined:Nov 2005	Message Posted: Mar 6, 2013 4:57:19 AM Ignore judgemobile Report Abuse what will happen with oil in Venezuela ??
NedW Champion Author Indianapolis Posts:5,625 Points:1,144,195 Joined:Mar 2008	Message Posted: Mar 6, 2013 2:42:59 AM Ignore NedW Report Abuse Thank you for submitting this article, 1ststudman.
afghaned Champion Author Hamilton Posts:11,827 Points:1,288,085 Joined:May 2004	Message Posted: Mar 6, 2013 12:40:53 AM Ignore afghaned Report Abuse Don' do it!!!
carloco75 Champion Author Richmond Posts:3,721 Points:602,215 Joined:Oct 2010	Message Posted: Mar 5, 2013 11:35:11 PM Ignore carloco75 Report Abuse Wirk eT Wirk..!
kgbellman Champion Author Ann Arbor Posts:2,723 Points:733,790 Joined:Mar 2011	Message Posted: Mar 5, 2013 11:34:24 PM Ignore kgbellman Report Abuse This sounds promising
Ahking Champion Author Orange County Posts:3,512 Points:604,425 Joined:May 2011	Message Posted: Mar 5, 2013 11:32:04 PM Ignore Ahking Report Abuse good.
TBONE3 Champion Author Pennsylvania Posts:8,756 Points:1,978,600 Joined:Mar 2005	Message Posted: Mar 5, 2013 11:18:04 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:471 Points:154,825 Joined:Mar 2012	Message Posted: Mar 5, 2013 11:15:17 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:8,416 Points:1,701,415 Joined:Jul 2008	Message Posted: Mar 5, 2013 11:09:29 PM Ignore roadrunnerMO Report Abuse Suppose they could drill there but I would still be apprehensive.
AKmailman Champion Author Alaska Posts:5,643 Points:1,560,265 Joined:Jul 2004	Message Posted: Mar 5, 2013 11:06:46 PM Ignore AKmailman Report Abuse Let them work it out themselves
pa79th Champion Author Pennsylvania Posts:1,792 Points:1,218,800 Joined:Jun 2007	Message Posted: Mar 5, 2013 11:05:42 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:12,274 Points:2,608,590 Joined:Apr 2005	Message Posted: Mar 5, 2013 11:04:49 PM Ignore streetcars Report Abuse Too many hands in the till in Mexico.
Gas Thirsty Champion Author Los Angeles Posts:4,882 Points:3,230,420 Joined:Mar 2003	Message Posted: Mar 5, 2013 11:03:05 PM Ignore Gas Thirsty Report Abuse Good for the American oil companies.
comprof Champion Author Houston Posts:6,870 Points:1,358,700 Joined:Jul 2009	Message Posted: Mar 5, 2013 11:01:33 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:8,495 Points:1,673,120 Joined:Jan 2008	Message Posted: Mar 5, 2013 11:00:17 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:1,450 Points:291,665 Joined:Jul 2012	Message Posted: Mar 5, 2013 10:59:08 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:7,413 Points:1,489,725 Joined:May 2007	Message Posted: Mar 5, 2013 10:58:24 PM Ignore rippinusoff Report Abuse ok
DustyHorse Champion Author Virginia Posts:6,098 Points:1,393,795 Joined:Oct 2008	Message Posted: Mar 5, 2013 10:55:11 PM Ignore DustyHorse Report Abuse I'm sure China will be all over this one.
AmmoManAaron All-Star Author Indianapolis Posts:546 Points:133,340 Joined:Oct 2012	Message Posted: Mar 5, 2013 10:51:40 PM Ignore AmmoManAaron Report Abuse Could be good news, but they may just be trying to rip someone off.
jrschl Champion Author Louisville Posts:2,977 Points:683,015 Joined:Jun 2011	Message Posted: Mar 5, 2013 10:49:35 PM Ignore jrschl Report Abuse Opening the door for China.
Glock26 Champion Author Dayton Posts:1,534 Points:634,335 Joined:Mar 2011	Message Posted: Mar 5, 2013 10:48:28 PM Ignore Glock26 Report Abuse O.K.
Buddy2264 Champion Author Tampa Posts:11,664 Points:2,361,920 Joined:Oct 2005	Message Posted: Mar 5, 2013 10:43:16 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:1,761 Points:449,275 Joined:Jun 2011	Message Posted: Mar 5, 2013 10:42:44 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:11,487 Points:2,082,710 Joined:Dec 2006	Message Posted: Mar 5, 2013 10:40:51 PM Ignore Bigwaynef Report Abuse We need to get off our butts and do our own oil!!!
JMW1942 All-Star Author Michigan Posts:581 Points:408,920 Joined:Feb 2012	Message Posted: Mar 5, 2013 10:37:30 PM Ignore JMW1942 Report Abuse If Mexico wasn't so darn corrupt.
Zonk Champion Author Michigan Posts:6,491 Points:2,104,715 Joined:Oct 2005	Message Posted: Mar 5, 2013 10:35:54 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:4,089 Points:1,103,855 Joined:Jun 2005	Message Posted: Mar 5, 2013 10:35:28 PM Ignore jkpsr Report Abuse This could increase the supply of Mexican oil.
southrob Champion Author Tucson Posts:3,605 Points:689,150 Joined:Mar 2011	Message Posted: Mar 5, 2013 10:33:44 PM Ignore southrob Report Abuse dhan
grt197 All-Star Author Illinois Posts:588 Points:128,510 Joined:Jan 2013	Message Posted: Mar 5, 2013 10:32:46 PM Ignore grt197 Report Abuse to get tax
bikechuck Champion Author Indianapolis Posts:7,021 Points:2,065,070 Joined:Apr 2006	Message Posted: Mar 5, 2013 10:29:28 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:3,229 Points:520,575 Joined:Jul 2011	Message Posted: Mar 5, 2013 10:26:05 PM Ignore bvrbill Report Abuse We will be better off with Mexico than with OPEC. I agree, rahcat.
10k Champion Author North Carolina Posts:21,269 Points:2,255,970 Joined:May 2006	Message Posted: Mar 5, 2013 10:25:26 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:6,999 Points:1,241,735 Joined:Apr 2009	Message Posted: Mar 5, 2013 10:23:21 PM Ignore BobD2009 Report Abuse That's a surprise.
wshokie12 Champion Author Winston-Salem Posts:1,330 Points:218,510 Joined:Aug 2012	Message Posted: Mar 5, 2013 10:23:19 PM Ignore wshokie12 Report Abuse Okay.
rahcat Champion Author Grand Rapids Posts:2,478 Points:664,900 Joined:Jan 2010	Message Posted: Mar 5, 2013 10:23:12 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:155,125 Joined:Jun 2012	Message Posted: Mar 5, 2013 10:22:48 PM Ignore mcbrownie220 Report Abuse ok
Rooster922 Champion Author Wilmington Posts:3,798 Points:658,020 Joined:Jan 2009	Message Posted: Mar 5, 2013 10:21:54 PM Ignore Rooster922 Report Abuse Well
CivicMA Champion Author Boston Posts:1,902 Points:536,320 Joined:Jun 2011	Message Posted: Mar 5, 2013 10:20:27 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:3,156 Points:1,007,430 Joined:Apr 2007	Message Posted: Mar 5, 2013 10:18:58 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:1,986 Points:412,570 Joined:Mar 2011	Message Posted: Mar 5, 2013 10:18:44 PM Ignore arb0526 Report Abuse Don't worry China will take it over like they have the USA
crreed1 Champion Author West Virginia Posts:1,995 Points:2,528,285 Joined:May 2005	Message Posted: Mar 5, 2013 10:18:23 PM Ignore crreed1 Report Abuse old news
DJRIO Champion Author Miami Posts:8,056 Points:1,427,535 Joined:Jan 2008	Message Posted: Mar 5, 2013 10:15:10 PM Ignore DJRIO Report Abuse they need real company manage it right
mia3bxs Veteran Author Miami Posts:452 Points:312,690 Joined:Jul 2011	Message Posted: Mar 5, 2013 10:14:35 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 10:12:53 PM Ignore tedjm1 Report Abuse Okay
jorod55 Champion Author California Posts:1,485 Points:433,675 Joined:Dec 2011	Message Posted: Mar 5, 2013 10:12:31 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:7,530 Points:1,671,535 Joined:Mar 2007	Message Posted: Mar 5, 2013 10:12:15 PM Ignore Blue_Cruzer Report Abuse I agree with OGW of London.
OGW Champion Author London Posts:5,329 Points:1,532,975 Joined:Sep 2005	Message Posted: Mar 5, 2013 10:10:55 PM Ignore OGW Report Abuse China will beat out the US in Mexaco like they do everywhere else!
snky2k Champion Author Indianapolis Posts:1,408 Points:305,515 Joined:Mar 2012	Message Posted: Mar 5, 2013 10:10:35 PM Ignore snky2k Report Abuse Commented on this yesterday.