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This explains why Norway has been able to benefit more from it's oil compared to how Mexico has benefited from theirs.
Quote:
A lot of the problems that are happening with PEMEX is due to poor allocation of funds by the government. Whether they are overspending on social programs or just taking the money to line their pockets does not matter at this point, PEMEX is in decline because of it. Calderon in May stated that PEMEX needed to be more like Statoil in Norway, I think he should have said that the Mexican government needs to be more like the Norwegians. Let us take a quick look at Norway’s management of state oil revenue and also the performance of Statoil in order to show why the latter is the case and also the former.
I thought the current Mexican president was making reforms to improve these types of industries? Is there any more upto date info? That article is kind of old now, Calderon is no longer president.
I thought the current Mexican president was making reforms to improve these types of industries? Is there any more upto date info? That article is kind of old now, Calderon is no longer president.
Yeah that article is from 2011 but the problems with Pemex he was describing have been going on for years in Mexico.
Do people really think it's that easy? Pemex is an institution with a glorified history. It arose from an expropriation and is enshrined in the Constitution. Of course corruption is a big part of the problem but such is business in Latin America. The people aren't happy about it, but they are culturally accepting of it so it will not just change because another country is doing things better
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