Pemex in the context of the global oil company: investment policy and lessons learned

SANTOS, ANGÉLICA TACUBA

doi:10.1590/0101-31572023-3420

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Brazilian Journal of Political Economy

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Articles • Brazil. J. Polit. Econ. 43 (4) • Oct-Dec 2023 • https://doi.org/10.1590/0101-31572023-3420 copy

Pemex in the context of the global oil company: investment policy and lessons learned

A Pemex no contexto da petroleira global: política de investimentos e lições aprendidas

Authorship SCIMAGO INSTITUTIONS RANKINGS

ABSTRACT

The article analyzes Pemex’s investment policy for the period 1980-2019, based on the management of other oil companies. The central question is whether in the last four decades, it has been convenient for Pemex to be specialized in oil extraction, while other companies focused on the comprehensive development of the supply chain. The answer is negative. The sale of crude oil and the abandonment of refining made Mexico a net importer of fuels, a trend, which, today, is seeking to be reversed, in an environment of a high fiscal burden and high indebtedness of the company.

KEYWORDS:
Pemex; oil; investment; oil company; oil extraction; refining

Concept	Place	Countries	Unit of measure
Total energy production	18	174	British Thermal Unit (BTU)
Total energy consumption	14	216	BTU
Proven crude oil reserves	22	96	Millions of barrels
Production of oil and other liquids	14	127	Barrels per day (BPD)
Exportation of crude oil and condensates	13	82	BPD
Refinement	19	108	BPD
Consumption of refined products	11	216	BPD
Natural gas production	25	97	Cubic feet
Natural gas consumption	10	114	Cubic feet

Level	Company	Country	Production capacity (millions of daily barrels)	Type of property	Production scheme	Business management principles
1	Saudi Aramco (ARAMCO)	*Saudi Arabia	12.0	State	- Oil and gas exploration and extraction	- Environmental sustainability
					- Refinement	- Solutions in the energy field with low carbon emissions
					- Petrochemistry	- Strategic0investment
2	Gazprom	Russia	8.3	State	- Gas and oil production	- Integral focus
					- Gas transmission systems (Russia and abroad)	- Synergy among subsidiaries
						- Sustainable development
3	National Iranian Oil Company (NIOC)	*Iran	6.0	State	- Oil and gas exploration and extraction	- Profitability, competitiveness modernization
					- Petrochemistry	- Skilled labor training
						- Drive research in R&D centers
4	Exxon Mobil	USA	4.7	Private	- Oil exploration and production	- Large- scale investment
					- Refinement	- Prevention of conflicts of interest
					- Transportation	- Protection of the tangible and intangible (information) assets of thecorporation
					- Supply and services
5	Rosneft	Russia	4.7	State	- Oil and gas production	- Transparency
					- Refinement	- Confidence for the investors
					- Petrochemical	- Maximum yield for the shareholders
6	Petro China	China	4.0	State	- Oil and gas production	- Continuous improvement
					- Refinement	- Modern corporate governance
					- Commerce	- Innovation
7	British Petroleum	United Kingdom	3.7	Public Limited Company	- Oil exploration and production	- Good governance
					- Refinement	- Operational and financial efficiency
					- Transportation
					- Supply and services
8	Royal Dutch Shell	Anglo- -Dutch	3.7	Private	- Oil exploration and production	- High performance standards
					- Refinement	- Strategic decision-making
					- Transport and supply	- Long- term profitability
9	Pemex	Mexico	3.6	State	- Oil and gas exploration and extraction	- Contribution to energy security through the processing, distribution and commercialization of hydrocarbons and their derivatives
					- Refinement	- Profitability and sustainability criteria to benefit national development
					- Distribution
					- Commerce
					- Services
10	Kuwait Petroleum Corporation (KPC)	*Kuwait	3.4	State	- Oil exploration and production	- Global leadership and profitability
					- Refinement	- Development of new methods to better compete in the market
					- Commercialization	- Creation of value
					- Petrochemistry
					- Maritime transport
11	Chevron Corporation	USA	3.3	Private	- Oil and gas exploration and production	- Operational excellence
					- Refinement	- Competitiveness and profitability in the global market
					- Transport and services
12	Abu Dhabi National Oil Company (ADNOC)	*United Arab Emirates	3.1	State	- Oil and gas production	- Maximization of the value of each barrel of oil seeking the best return for the business
					- Storage	- Operational efficiency
					- Refinement	- Development of technology
					- Petrochemistry
					- Distribution
13	Petrobras	Brazil	2.9	Majority state- owned	- Oil and gas production	- Innovation and technological development
					- Refinement	- Technologies that contribute to reduce reservoir uncertainties, promote integration, increase accessibility and quality of reservoir databases and petroleum systems.
					- Maritime transport	- Technologies and practices to reduce costs and increase revenues, along the entire logistics chain, for upstream and downstream.
					- Transport and services
					- Innovation and technology development

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https://www.saudiaramco.com/en/who-we-ar... ), GAZPROM (2020)Gazprom (2020). “About Gazprom”. Available at: Available at: https://www.gazprom.com/about/ (accessed 17 November 2020).
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https://www.pemex.com/acerca/historia/Pa... , KPC (2020)KPC (2020). “Kuwait-oil-history”. Available at: Available at: https://www.kpc.com.kw/information-center/kuwait-oil-history (accessed 21 December 2020).
https://www.kpc.com.kw/information-cente... , Chevron Corporation (2020)Chevron Corporation (2020). “Operations”. Available at: Available at: https://www.chevron.com/operations (accessed 5 February 2020).
https://www.chevron.com/operations... and ADNOC (2020)ADNOC (2020). “Who we are”. Available at: Available at: https://www.adnoc.ae/en/about-us/who-we-are (accessed 30 October 2020).
https://www.adnoc.ae/en/about-us/who-we-... , Petrobras (2021)Petrobras (2021). “Tecnnology and Innovation”. Available at: Available at: https://petrobras.com.br/en/our-activities/technology-innovation/ (accessed 7 September 2021).
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*Member of the Organization of the Petroleum Exporting Countries (OPEC).

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[TFN1] Source: Prepared by the author based on data from (EIA, 2020)EIA. (2020). Energy Information Administration. Available at: Available at: http://www.eia.gov (accessed 17 May 2020).
http://www.eia.gov... .