Our report 159, issued last week, argues that the oil expropriation of 1938 must be seen as a half-fulfilled promise: it set the table for the creation of a National Oil Company; but having an NOC that only operates in one country is not a good enough reason to celebrate.
It would be cause to celebrate when Pemex becomes an operator in the US Gulf of Mexico or in the North Sea.
I was disappointed that President Peña decided to twist the iconic calendar for the sole purpose of his personal appearance at the commemorative event. We argue that it would be better for Pemex (and certainly for its director general) if the president were, as a matter of policy, to keep away from any future commemoration of the oil expropriation.
Call me at 713-255-0000 if you want to talk about any of this. Meanwhile, download a press copy of this report for your reference.