The Mexican state and PEMEX: building a new relationship

摘要

The new relationship between the Mexican state and PEMEX is based on the premise that the National Oil Company should be weakened in order to 'make room', as fast as possible, for new private players, in order to avoid a reversal of the Energy Reform in the event of the triumph of a leftist coalition in the 2018 presidential elections. The abolition of the formal autonomy of PEMEX, the resistance to recognizing the economic value of its investments, together with the maintenance of an onerous fiscal regime, are three examples, among others, that would need much more space to be treated properly. These elements exemplify both the new oil sector dynamics and the changed position of PEMEX within these new dynamics. At a more fundamental level, they also represent the end of a cycle that reflects the way in which the Mexican state approaches the oil sector. This cycle started with the creation of the Technical Commission of Petroleum in 1915 and was consolidated with the nationalization of the oil industry in 1938. One highly symbolic fact marking the end of this cycle is the reversion of the Cuichapa Poniente Field to private hands. This field was drilled in 1934 by the Company El Aguila; it was nationalized by Lazaro Cardenas; and is now is back in private hands. Is this the end of the story ... or the beginning of a new one?