PEMEX, the mexican oil giant is a state owned company that controls, owns, and operates mexico’s petroleum reserves. In terms of revenues, it is the 10th largest oil company in the world.

Althought asphalt and pitch were known and used in MExico since the earliest days of the Aztecs, until 1938, foreign companies owned most of the oil wells in Mexico. That changed when Mexican president Lazaro Cardenas decided to nationalize and monopolize the oil industry in the nation, creating the PEMEX conglomerate. Although many national governments responded to the development with boycotts and embargoes, PEMEX eventually grew to become one of the largest oil exporting in the world.

PEMEX supplied all the petroleum stations in Mexico. In addition, its wells in the Gulf of MExico supply all parts of the world with oil, not to mention the gas-guzzling rich nation to the north.

Pemex, the mexican state-owned oil company, reports that its exploration subsidiary has discovered three more oil wells of 1300-5200 barrels per day capacity. This year seismic data recorded in oil field exploration projects has increased 10-fold, largely due to the new Gulf of mexico Sur plan.

Not only are Mexican firms increasing their oil production capacity, but they are becoming more important players in the oil exploration domain too. Along with Brazil, Mexico aims to increase its share in the global oil exploration and extraction business by offering its expertise to developing nations the world over.

The Gulf of Mexico still offers a large area for explorers that still awaits analysis and exploration. The added revenue will only help Mexico achieve its rightful status as  first world nation in the coming years. Picture below shows Mexican pipelines, via Geni.com. The above photo courtesy Mexico.name