Expropriation of 1938: A half-fulfilled promise

Our report 159, issued last week, argues that the oil expropriation of 1938 must be seen as a half-fulfilled promise: it set the table for the creation of a National Oil Company; but having an NOC that only operates in one country is not a good enough reason to celebrate.

It would be cause to celebrate when Pemex becomes an operator in the US Gulf of Mexico or in the North Sea.

I was disappointed that President Peña decided to twist the iconic calendar for the sole purpose of his personal appearance at the commemorative event. We argue that it would be better for Pemex (and certainly for its director general) if the president were, as a matter of policy, to keep away from any future commemoration of the oil expropriation.

Call me at 713-255-0000 if you want to talk about any of this. Meanwhile, download a press copy of this report for your reference.


Written by

Mexico Energy Intelligence

Baker & Associates offers niche-market business and policy intelligence related to Mexico's oil and gas, power and chemical industries. Over 1,000 reports have been issued in the last 20 years. Subject matter expert and publisher George Baker, who directs the firm, has carried out consulting assignments starting in the late 1970s at the height of the Oil Boom in Mexico. He brings bilingual and bicultural skill-sets to understanding and responding to challenges of business and public policy, coupled with a deep familiarity with the history and idiosyncrasies of the Mexican operating environment.