Corporate
Pemex is the world's fifth largest oil exporter and the flagship energy company of Mexico, which is owned and managed by the state. Pemex was established in 1938 by President Lazaro Cardenas, after nationalizing the foreign companies that owned and managed oil wealth of Mexico. As a result, many foreign countries banned the import of Mexican oil into their economies. Mexico managed to tap new markets and in time became the fifth largest oil exporter in the world. Pemex is a Fortune 500 company.Activities
Pemex is Mexico's only supplier of fuel oil, such as petrol and diesel. The company is engaged in:- Oil and gas exploration
- Oil and gas refining, marketing, and distribution.
- Oil export
Pemex's Oil Reserves
- One of the world's largest oilfields and the largest in Mexico is located in the Bay of Campeche. This is Cantarell field, where oil was first discovered in 1976. In 2003, production in this field had peaked to 2.1 million barrels per day, but gradually began falling in subsequent years. The decline of Cantarell field continues. The nearby field of Maloob-Zaap has the potential of producing up to 800,000 barrels per day by 2010.
- North east of Mexico City lies the Chicontopec basin where oil was discovered in 1926. The area has reserves of approximately 33 billion barrels of oil. It is estimated that a little more than half of it can be recovered. Pemex owns the field and has announced its intentions of excavating the hydro carbons reserves of the area. This area will produce one million barrels per day.
Performance
Financial results- In fiscal year 2006, Pemex's revenues were $83,381.7 million USD.
- The total value of assets held by Pemex in fiscal year 2006 was $98,005.9 million USD.
Organization
Pemex is headed by Mr. L. Ramirez, CEO. Pemex employs over 139,000.Pemex corporate office location:
Ave. Marina Nacional 329,Mexico City, 11311
Tel: 52-55-1944-2500
Website: www.pemex.com
