Not your father's Pemex

Mexico’s state-owned oil company Pemex has become much more sophisticated in the last 10 years, but still has several key hurdles it must address in order to be more competitive, said Jesus Reyes-Heroles, the company’s director general.
Topping the list: “In Mexico, there is a need to protect the company from the shareholders,” he said during a panel today at OTC.
Because Pemex is taxed so heavily and the government diverts oil revenue for social programs rather than reinvesting them in energy exploration, the company has not grown as fast as could have, he said.
But the Mexican public views Pemex much differently today than it did a few years ago, he said. Now, they are more mindful that the country could benefit more if Pemex is given more flexibilty to operate, he said.