The drama of Mexico's Black Gold

[Christians4LessGvt]

Doubly embarrassing for this proud country......
Mexico now is rolling out the red carpet for the
international oil firms it once threw out.

"Ever since 1938, when Mexico expropriated its gushing oilfields from foreign companies in a burst of revolutionary nationalism, that bounty has been off-limits to outside producers. The oil has been the exclusive purview of Pemex.

Favored by geology as well as by law, the company has had the luxury of getting most of its oil from a couple of huge, easy-to-tap underground formations, known in the industry as "elephants." Indeed, Pemex has become legendary in the oil world for its factory-like approach to pulling oil from a particularly Mexican type of elephant: fields in shallow water, just off the country's Gulf coast. But along the way, Pemex has become notoriously inefficient. The company ranked No. 36 among the Fortune Global 500 last year, with revenue of $126 billion. But Pemex also posted a $13 billion net loss. The company is laden with bureaucracy, teeming with superfluous workers, and, by its own executives? admission, thwarted by corruption. The result is both stunning and not very surprising: In a country that ranks ninth or 10th in global oil production, depending on who's counting, and that some geologists say contains the largest unexplored petroleum area beyond the Arctic Circle, Pemex has presided over a steep decline in Mexico's oil output."



http://fortune.com/2014/08/14/pemex-oil-black-gold/

[Xavier_Onassis]

The American oil companies that Cardenas threw out in 1939 richly deserved being thrown out. They were thieves, liars and swindlers and polluted everything the touched.

I hope Mexico has some good strict laws to govern this notoriously corrupt industry and enforces them.

The most corrupt states in the US are oil states. The most corrupt countries in the world are those that depend on oil, like Nigeria and Equatorial Guinea.

Norway and perhaps Scotland are the only places oil has not seriously corrupted.

[Christians4LessGvt]

The American oil companies that Cardenas threw out in 1939 richly deserved being thrown out.
They were thieves, liars and swindlers and polluted everything the touched.

Only to be replaced by the same, but less productive!

I hope Mexico has some good strict laws to govern this notoriously corrupt industry and enforces them.

yeah good luck with that!....ha ha
the corrupt writing laws to stop corruption.

"The company is laden with bureaucracy, teeming with superfluous workers, and,
by its own executives' admission, thwarted by corruption"

[Xavier_Onassis]

You have no proof whatever that Pemex was always less productive than the companies it nationalized.
They were paid in full for their holdings.
You are not the monitor that gets to pass judgement on unproductive oil companies. Being unproductive is not a sin.

Technology in oil production has changed greatly since the 1930's. Much of the innovative equipment are proprietary and therefore were unavailable to Pemex.



Fortune magazine is hardly any sort of impartial source. They know half the story and report half of that. You read it and take away half of what you read.

[Christians4LessGvt]

XO complains about American Oil Companies...
of course XO's first reaction is always to bitch about anything American
blame America for everything....we are always the bad guy.
but look at polluter PEMEX!
Shhhh...if it's not American 

Mexican Communities Sue Pemex for Environmental Justice
By Emilio Godoy
MEXICO CITY, May 16 2013 (IPS)

http://www.ipsnews.net/2013/05/mexican-communities-sue-pemex-for-environmental-justice/


ps: Yes Pemex is soooooo productive that's why they are letting the Americans back in! 

[Xavier_Onassis]

Again, there is equipment that Pemex cannot get access to.

Pemex is no better than BP or Exxon when it comes to pollution. They have had some horrible accidents.

Not all the oil companies that were nationalized in 1939 were American, nor were those that cheated, stole and polluted did so because they were American. Shell is a Dutch company, and there were some other European companies that no longer exist that were also nationalized.

Oil companies are generally bad citizens because they are oil companies the nature of the business breeds deceit.

[Plane]

Being unproductive is not a sin.

What?

It is!

Especially if it is a nationalized industry, inefficiency costs the people money, and a poor people can be hamstrung where they could instead be employed.

[Christians4LessGvt]

Again, there is equipment that Pemex cannot get access to.

aweeeee cry me a river
poor babies cant getter done
boooooowhoooooo

[Plane]

Again, there is equipment that Pemex cannot get access to.

Oh?

I didn't know there was a problem of equipment.


What sort of equipment?

Mother Jones Magazine  has an article about how Hillary Clinton as Secretary of state encouraged fracking around the world.

[Plane]

September/October 2014 Issue
A trove of secret cables show how Hillary Clintons State Department sold fracking to the world. ... The Great Frack Forward By Jaeah Lee Ravenous for energy, China calls on Halliburton ...

http://www.motherjones.com/


Oops, can't read that online yet, get the paper copy or wait a few weeks.

[Xavier_Onassis]

There is a lot about proprietary technology that the oil business hides from the world.

Pemex was a poorly run company.
So are Exxon and BP.

Norway manages its resources without corruption for the benefit of the Norwegian people quite well, so this is just another stupid pro-capitalist piece of crap.
The "rolling out the red carpet" crap is just propaganda.