Mexico's Pemex has started a corporate restructure to become a more "flexible and efficient," it announced today.
The announcement comes after Mexican president Enrique Pena Nieto approved the country's historic energy reform earlier this month, overhauling Mexico’s energy and electricity industries and opening them up to private investment for the first time in decades.
The company turned to its internal structure after its portfolio received a considerable boost: On 15 August, Mexico’s Ministry of Energy granted the Mexican national nearly all of its requested fields in its Round Zero wish list, including all of the country’s 2P reserves.
Pemex CEO Emilio Lozoya Austincalled the company's exploration and production "strategic and diversified," saying that the areas will “guarantee the viability” of the company’s short- and medium-term operational future.
He also announced that it will keep its two highly-profitable two subsidiaries: the exploration and production, and industrial processing. In addition, Pemex will create three new subsidiaries, including: drilling services, which it stipulated would be for newer industry players; additional logistics and transportation services, and power generation.
Austin expressed confidence that Pemex, with the support of its people, will remain a pillar of economic growth for the country, and a company Mexicans can feel proud of, he said.
In October, Pemex expects to have a new board of directors, after the Mexican Senate authorizes integration.
Austin went on to say the Pemex will have a new tax regime that will reduce its fees by US$6.8 billion (MX$90 billion).
In early 2015, Pemex will begin joint ventures with oil companies covering a total of 10 blocks. Pemex estimates that the partnerships will generate approximately $32.3 billion, according to a Reuters report.
Image from Pemex
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Round Zero bolsters Pemex portfolio
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