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Mexico Nationalized all Foreign-owned Oil Properties Within Mexico in 1938

Today in Latin American history, Mexico nationalized all foreign-owned oil properties within its borders in 1938. President and General Lázaro Cárdenas declared that all mineral and oil reserves found within Mexico belong to the nation, including the U.S. and Anglo-Dutch operating companies. continue reading »

Oil Giant Pemex Posts $12.15 Billion Trade Surplus for First Half of 2013

Mexican state oil monopoly Petroleos Mexicanos posted a $12.15 billion trade surplus for the first seven months of 2013, the company said Wednesday. Exports of crude oil, petroleum products, petrochemicals and natural gas continue reading »

Mexico’s State-Owned Oil Giant Pemex Fined $50 Million

Mexico's Federal Competition Commission, or CFC, said it imposed a fine of 653.2 million pesos (about $50 million) on state-owned oil giant Petroleos Mexicanos, or Pemex, for forcing service stations to hire the oil monopoly's trucks to handle deliveries of gasoline and diesel. continue reading »

Son of Mexican Who Nationalized Oil Blasts Gov’t Energy Plan

The son of the president who nationalized Mexico's oil industry said Friday the goal of current head of state Enrique Peña Nieto's energy plan was to strip the state of its role in managing the country's hydrocarbon resources. continue reading »

Energy Overhaul Could Make Mexico Natgas Exporter, Says President

President Enrique Peña Nieto says that Mexico, which currently imports 30 percent of its supply of natural gas and suffers shortages, could become an exporter of that fuel if an energy overhaul he sent to Congress this week is approved. continue reading »

First Time in 80 Years Mexico to Open Oil Assets Up for Private Investors

President Enrique Peña Nieto on Monday unveiled energy industry reforms that call for changing two articles in the Mexican Constitution to modernize the sector by allowing private investors to play a bigger role without stripping the nation of its ownership of natural resources. continue reading »

Methane, Vapors From Solvents Responsible for Pemex Blast

Mexico's Attorney General's Office said the deadly January explosion at state oil company Petroleos Mexicanos' headquarters in this capital was caused by a mix of methane gas of biological origin and vapors from solvents. continue reading »

2013 2nd Quarter: Mexico Economy Grows 2.5%

Mexico's gross domestic product grew at an annual rate of 2.5 percent in the second quarter of this year, the government said. "The Mexican economy continued in an expansion trend, albeit with less than expected dynamism," continue reading »

Developing Deep-Water Reserves Will Cost $900 Billion, Says Pemex

Mexican state oil monopoly Petroleos Mexicanos said some $900 billion must be invested to develop its deep-water oil reserves in the Gulf of Mexico, estimated at 27 billion barrels. continue reading »

Pemex, Mexican Navy Sign Fleet-Renewal Agreement

Mexican state oil company Petroleos Mexicanos and the Navy Secretariat have signed an agreement for the construction of 22 ships, they said in a joint statement. continue reading »

Illegal Tapping of PEMEX Pipeline Results in Multiple injuries and Damage

An explosion at a pipeline belonging to state-owned oil giant Petroleos Mexicanos, or Pemex, injured at least seven people on Sunday, officials and media reports said. continue reading »

Mexico To Continue Relying on Fossil Fuels, Says PEMEX

Fossil fuels will remain Mexico's principal source of energy for years to come and the Aztec nation must get the most out of its hydrocarbon resources, the head of state-owned Petroleos Mexicanos said. continue reading »

Pemex’s Gasoline Production Hits 40 Month High

Gasoline production hit a 40-month high in Mexico in May, reaching a daily average of 417,000 barrels, state-owned oil giant Petroleos Mexicanos, or Pemex, said. continue reading »

Mexican President Stresses Need to Modernize Pemex

Mexican President Enrique Peña Nieto reaffirmed his commitment to maintain Petroleos Mexicanos as a state-owned company, but also stressed the need to modernize and transform the world's No. 5 oil producer. continue reading »

PEMEX to Upgrade Docks with $67 Million Investment

Some 840 million pesos (nearly $67 million) will be invested this year to upgrade and modernize seven docks in Mexico, state-owned oil giant Petroleos Mexicanos, or Pemex, said. continue reading »

Pemex Produced 2.54 million Barrels Per Day in Early 2013

Mexican state-owned oil company Petroleos Mexicanos said it produced an average of nearly 2.54 million barrels per day in the first four months of 2013, nearly half of which was destined for export. continue reading »

Ex-Officials Face Corruption Charges in Mexico

A Mexican judge ordered eight former officials to stand trial for massive cost overruns in the construction of a monument in this capital. The defendants are all erstwhile employees of III Servicios, a subsidiary of state oil monopoly Pemex. continue reading »

Pemex Discovers Deep-Water Find in Gulf of Mexico

Mexican state-owned oil monopoly Petroleos Mexicanos said it detected the presence of oil at a deep-water field in the Gulf of Mexico. "There are clear signs of the presence of hydrocarbons in Maximino, but final tests are still needed to fully confirm it," Pemex announced on Twitter. continue reading »

Pemex Brings Cogeneration Power Plant Online in Mexico

Mexican state oil monopoly Petroleos Mexicanos said it has brought a cogeneration power plant online in the southeastern state of Tabasco, a facility it says is the largest of its kind in Latin America. continue reading »

MEXICO: PRI Approve Pres. Peña Nieto’s Energy and Tax Reforms

President Enrique Peña Nieto has won the approval of the assembly of his governing Institutional Revolutionary Party, or PRI, to move forward with energy and tax reforms. continue reading »