Word: pemex
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Dates: during 1940-1949
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Bermúdez' hunch was that Mexican oil reserves would be needed by the U.S. in case of another war. But most U.S. companies have refused to go back under the poor terms offered by Pemex, the government oil monopoly. Hat in hand, Bermúdez has had to ask the U.S. to put up $200 million for an oil development loan...
...most major U.S. oil companies have shown little desire to go back in, despite repeated invitations. Last year, Cities Service Co., the only one that had not left Mexico, took on a job of drilling new wells. But otherwise, the best deal that Antonio J. Bermudez, boss of Pemex, Mexico's oil monopoly, could make was with J. Edward Jones, a small U.S. oil promoter, to drill 100 wells (TIME, Sept. 22, 1947). He drilled...
Reopened Door. After months of negotiations Cities Service Co., and Antonio Bermudez, boss of Mexico's government-owned oil monopoly Pemex, signed a historic agreement in Mexico City. The deal brought a major U.S. oil company into Mexican oil development for the first time since 1938, when expropriation drove most foreign companies out. Under the deal Cities Service will set up a Mexican subsidiary (Mexico-Cities Service Petroleum Corp.) to provide the capital, and presumably the machinery and technical help, for Pemex's development of a million-acre tract in northeastern Mexico...
Mexican politicos like to quote the law used to expropriate some $200,000,000 worth of U.S.-owned oil properties: "All hydrocarbons are the direct, inalienable and impressible property of the nation." They fight shy of mentioning just how much the expropriation cost Mexico. Ten years after expropriation, Pemex, the Government oil monopoly, still loses an estimated $3 million a month. To keep up Mexico's comparatively low oil production, known fields are being pumped too fast for maximum extraction; they will be exhausted in 20 years. Only a handful of new wells have been drilled this year...
...Antonio Bermudez, the hard-hitting whiskey maker who bosses Pemex, the solution was plain: he had to bring U.S. oilmen, and their know-how and capital, back into Mexico-if he could find anyone willing to come in under the restrictive law. In Mexico City recently he met suave J. Edward Jones of Scarsdale, N.Y., a veteran dealer in oil royalties. Jones talked so persuasively about oil that Bermudez decided that he was the man. Last week Bermudez announced the first U.S.-Mexican oil contract since the expropriation...