Mexico’s Oil Reforms Set To Trigger Biggest Economic Boom In 100 Years – Forbes
Mexico has one of the world’s most notoriously closed-off oil industries. The Mexican constitution makes it illegal for anyone but the state oil monopoly Petroleos Mexicanos (Pemex) to even own a barrel of oil. If you’re a farmer in Mexico and oil is discovered underneath your land, not one drop of the black gold is yours — it belongs to the state, to the people. As a result, Pemex is the only game in town. There are no private companies operating oilfields in Mexico, no risk-based production sharing contracts or joint ventures with any international oil companies. This could not...
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