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The 69th anniversary of the nationalization of the Mexican oil monopoly just did not seem so grand with billions of dollars of debt, technology in serious need of an updating and crumbling pipelines plaguing the industry.
Expert’s that are studying the oil industry of Mexico report that serious changes need to be made, and need to be made quickly for things to get better. Both leaders in government and executives in the Mexican oil industry have been bringing to light these issues for years. Little action has been taken to resolve it though as the Mexican oil industry is seen as a treasure among the entire country.
When the nationalization of the oil industry took place in 1938 the overjoyed people of the country took to the streets in celebration and even gave their jewelry to assist in funding the state takeover. Since that time the oil industry in Mexico has created the largest source of income for the Mexican government causing it’s people to be concerned of any changes, even with the problems that are occurring.
The main shallow-water oil field just off the Gulf coast is quickly drying out while at the same time Cantarell is trying to deal with pipelines springing leaks, which have lead to oil spills and explosions. Increasing debt and impending pension obligations are also plaguing the company. They are experiencing a lack of technology that putting up roadblocks for the company to fix these problems.
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Posted on Mar-20-2007
