PEMEX, Mexican State-Owned Oil Company, Reaching Privatization?

Did you know?

According to the Mexican constitution (Article 27) all subsurface minerals are the property of the Mexican government, and not the people who own the land where these minerals are found

While some would rather see PEMEX in the public realm, others are hesitant to see the company privatized due to a notion of national pride that comes with the oil company claiming Mexican ownership.

The fact that surface minerals are property of the Mexican government has led to 1/3rd of the federal budget being derived from the fossil fuels found and produced in Mexico, and accounting for 10% of all export earnings for the country.

However, as this article states, "over the past 5 years the amount of barrels per day being produced has been declining, mostly due to the difficulty that surrounds new oil exploration, the need for more advanced technology and risk taking investment. With the need for investment and most of the profit utilized as expenditures in the federal budget, PEMEX lacks the resources necessary to continue to produce optimally and also to reach its goal of 600,000 barrels of crude per day by 2021."

What is your opinion on privatizing the state-owned oil company PEMEX? Would you be willing to invest in the risk-taking investments needed to keep it in the hands of the Mexican government?