Word: pemex
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...result of discoveries of big deposits in the southern regions east of Veracruz, and since then, one leading U.S. energy analyst says enviously, "the Mexicans have been finding oil as fast as they put holes in the ground." Last week Jorge Diaz Serrano, head of Pemex, the government oil monopoly, announced the discovery of a new field that he says may contain up to 100 billion bbl.; that would be more than half as much as Saudi Arabia's proven reserves, as well as the biggest single accumulation of oil in the Western Hemisphere. Although Mexico's proven...
...steadily and now stands at $3.2 billion. Despite this, López Portillo has not gone abegging to the Oval Office, although he would like adjustments in a trade relationship that heavily favors the U.S. In fact, he preceded his visit with a generous Mexican offer to the U.S. PEMEX, the national oil company, has begun shipping 2.4 billion cu. ft. of natural gas to the fuel-starved U.S. through pipeline connections at Nuevo Laredo, Reynosa and Matamoros; the gas will have a price tag of more than $5 million. And with Florida's vegetable crops devastated...
...Tabascan Governor Mario Trujillo Garcia predicts that Villahermosa's population, now 150,000, will double in eight years. Out in the countryside, where rainfall of up to 400 inches a year keeps 40% of the land under water, the rapid change is not appreciated. The oil belongs to Pemex, the state oil monopoly; farmers receive money only for their land and no petroleum royalties. "They are worried that our drilling will ruin their fishing," says a Pemex engineer aboard the Chac, a marine drilling platform named for the Mayan rain god, as two fishermen glide by in a dugout...
...TIME misplaced its figure: the $113.6 million was a business loss. Senor Bermudez' name, not mentioned in the story, was in no way linked with the graft that plagued Pemex...
Last year Pemex produced 121.6 million barrels of oil and finally made a profit of $9,270,000. The last installment has been paid on the $167 million indemnification to the former owners. And now Pemex is rapidly expanding into the profitable new fields of fertilizers, plastics and synthetic rubber-all from petrochemical byproducts of oil processing. From the jungles south of Veracruz to the arid, sun-baked flats of Reynosa just across the U.S. border, 18 petrochemical plants have gone up since 1959, and another 22 are abuilding. By 1966, says one Pemex official, petrochemicals will be the country...