Pemex, Mexico’s State Oil Company Has To Go On.
Mexico receives 40% of the budget by one and only oil company, PEMEX (Petroleos Mexicanos or Mexican Petroleum in English.) Mexico Ranks the 6th top production nation in the world, and the 10th exporting nation, all done by PEMEX, which the company is also the 10th largest oil company in the world and the 2nd largest company in Latin America before PetroBras from Brazil, which has over 154,000 employees; also ranking 31st in Fortune 500 companies.
Pemex is a big and fortune oil company that produces 2.7 bbl/day (barrels per day) drilled from 3 oil reserves in Mexico: Chicomtepec Field, Cantarell Field, and Klu-Maloob-Zaap, which counts with 12 billons barrels of oil, with a estimated that would last for 11 years, for Mexico. The discovery of Cantarell Field thirty years ago, lead to one of the largest petroleum reservoirs in the world; peaked more than 2 million barrels of oil a day in 2004, later that number began to decreased, which is expected to decrease between 300,00 and 600,000 barrels a day in there or four years, which is not a good sing for PEMEX, because they depend too much on Cantarell. PEMEX should invest more in petroleum exploration especially in deep waters, where the future growth of PEMEX is. They should also consider in building more oil refineries. The United States has 149 operable oil refineries, and Mexico, only six. Because of the Mexican crude is shipped to Houston, Texas, where it is refined and then re-imported to Mexico. By build more refineries, PEMEX can stop shipping oil to the U.S. to refined, and earn that money for future projects.
In other hand, Mexico is a high corruptive country, and since PEMEX is owned by the country, PEMEX officials make deals with drug cartels or simply just stealing from the main oil pipelines. Billions of dollars are lost due to corruption inside the company. If someone has the power, they can take from PEMEX. When PEMEX first began his presidency, he illegally funneled $45 million dollars to his party, also in 2007, PEMEX director Raul Muñoz was fined $80 million dollars and banned from public office for 10 years, for the misuse of funds and the illegal transfer of more then $170 million dollars to the oil workers union; and also the use of 12,500 dollars from PEMEX funds to pay two liposuctions for his wife.
There is an estimate that over $350 million dollars worth of gasoline are stolen from PEMEX by drug cartels, as another alternative to win big money. At least on U.S. oil executive, Donald Schroeder has pleaded guilty to conspiracy un such a deal, the U.S. department of Homeland Security returned $2.4 million to Mexico’s tax administration, for purchasing stolen oil from Mexican cartels. Also the United States is working with the Mexican government in investigation stolen oil.
Other alternatives for PEMEX is for privatized it or making some possible shares for Mexican citizens, because the Mexican constitution guarantees PEMEX should stay as an oil monopoly, in order to receive income in the country and to reserve oil to the people.
http://www.forbes.com/2009/05/07/pemex-petrobras-mexico-business-energy-oil.html
http://www.huffingtonpost.com/2009/08/10/mexican-drug-cartels-smug_n_255812.html
http://mexidata.info/id1731.html
http://ipsnews.net/news.asp?idnews=42274
http://www.jornada.unam.mx/2008/05/18/index.php?section=economia&article=018n1eco
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