The company represents approximately 18% of the total revenues that nourish Mexico’s finances, which causes the state to squeeze out the benefits it generates and leave it without sufficient resources to invest in exploration and production. Thus, Pemex has gone from producing about 3 million barrels in 2007 to just 1.9 million in 2017, a fall that added to the collapse of oil prices causes that the revenues of the state and the oil have been depleted. To counteract the fall in production, Free Promissory Note Template had approved around 2014 a reform to allow for the first time in almost a century the investment of private companies in the oil sector.
Free Promissory Note Template
The so-called “oil reform” consisted of auctioning various exploration and production areas among several participants in order to get private companies to invest capital that Pemex did not have to develop the deposits. López Obrador, however, has decided to freeze new auctions and his team is reviewing the 107 contracts that were granted during the reform, returning the oil market to the FDI. “The reform is an opportunity that is being wasted,” says the economist, adding: “The harsh reality is that the only way to increase production is by relying on the private sector.”
Two other pending subjects from Mexico that are fundamental to attract FDI, and which López Obrador’s administration promises to address, are insecurity and corruption. Companies such as Coca-Cola and Pepsi, for example, closed two distribution centers last year due to insecurity. Meanwhile, Mexico is the 138th country in the world where citizens have a greater perception of corruption. “These are two fundamental factors that Mexico must solve if it wants to significantly increase foreign investment,” he concludes. The public companies of the autonomies are still a bottomless pit of red numbers. According to the audit reports of the Court of Auditors (Free Promissory Note Template), these companies cost an average of more than 10,000 million euros per year, between the subsidies they received and the losses that were thrown year after year. At least that is the figure shown by the last five years audited to date, those for the period 2011-2015.