Mexican oil company

Pemex is the largest oil and petrochemical company in Mexico. Founded in 1938, before the establishment of the company, the exploration, exploitation, refining and sales of Mexican oil were almost monopolized by foreign oil companies.

On March 18, 1938, the famous Mexican nationalist Cardenas government ruled out all kinds of pressure at home and abroad and nationalized all the oil companies in the United Kingdom, the United States, the Netherlands and other countries. At the same time, the Mexican oil company was established to be responsible for the national oil exploration, exploitation, refining and petrochemical industry. Due to the predatory exploitation by foreign companies in the past, Mexico's oil production has been stagnant for quite a long time after nationalization. Since the 1960s, under the unified guidance of Mexico oil company, the national oil industry has gradually entered a period of recovery and development, and began to export oil again in 1974. In order to develop and expand the domestic petroleum and petrochemical industry, the company actively explored petroleum resources, gradually increased oil and natural gas production, expanded petroleum refining capacity, vigorously developed petrochemical industry, steadily expanded petroleum sales and transportation system, and increased exports.

In 1993, the company's assets amounted to US $49.294 billion. The headquarters are in Mexico City. Oil companies ranked sixth in 1995. In 1995, the total revenue of the company was 21.138 billion US dollars and the total assets was 31.984 billion US dollars. It employs 136000 people. In 1996, the company had oil reserves of 6.655 billion tons and natural gas reserves of 1.916 trillion cubic meters (1995); oil production of 148 million tons and natural gas production of 43.463 billion cubic meters.

In order to revive Mexico's oil industry, according to the organic law of oil companies, the Mexican government has reformed the organization and management mechanism of oil companies since 1992, reducing the size of the company. CNPC has become a holding company that manages oil, natural gas and basic petrochemical enterprises on behalf of the state and exercises central guidance and strategic leadership over all petroleum industrial activities.