Mexico’s energy sector reformation has come in a series of waves ultimately resulting in a sea change to Mexico’s energy industry. The December 21, 2013 landmark reforms to Mexico’s Constitution were followed a short time later, on August 11, 2014, by the publication of Mexico’s state-owned petroleum company Petróleos Mexicanos (“Pemex”) new governing laws. After the dust has settled, Pemex had transformed from a one-time governmental monopoly with predominantly social functions and goals (including environmental preservation) into a dedicated productive enterprise.
Not only have Pemex’s ends narrowed, so too has the scope of its charge. Before its metamorphosis, Pemex was the public entity broadly tasked with orchestrating and operating Mexico’s oil and gas industry. With so many diverse and conflicting objectives however, Pemex had been hard-pressed to juggle its social functions with generating value and maximizing operations. Now, as a concentrated productive enterprise Pemex may well be in a position to streamline operations and focus on efficiency and increasing productivity.
The modifications to Pemex’s corporate structure, and that of its subsidiaries, are a work in progress. However, certain changes to its future mission and division of labor are already known.
View the full story, Pemex’s Makeover: What You Need to Know About Pemex’s Changing Corporate Structure here at Oil & Gas Monitor.