Why Mexico needs a 2nd national oil company
A state-majority owned company for offshore exploration
At a Mexico panel at the Offshore Technology Conference (OTC) on May 4, speakers worried that the pace of exploration in deep-water areas is too slow to build the needed “E&P Village.”
During the Q&A, the status of Pemex as a government agency was raised as a problematic issue, as Mexico had not followed the route of other countries like Norway in creating a mixed-equity national oil company (NOC). This report identifies the benefits to be obtained from a market-based NOC and lists the legal and practical steps needed to create a Pemex-B that would be focused on finding partners for offshore exploration blocks.
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