FACTBOX-Mexico's oil industry
Aug 5 (Reuters) - Here are some facts about Mexico's state-controlled oil industry as lawmakers debate proposals to give private companies a bigger role and help bolster falling output.
* Mexico is the world's No. 6 producer of crude oil by volume and the No. 10 exporter. It is a top supplier to the United States.
* The industry is in a critical situation with yields at Cantarell -- a sprawling offshore oil field discovered in 1971 when a fisherman noticed oily bubbles in the Gulf of Mexico -- slipping fast. New fields being developed are not enough to make up for the shortfall.
* Mexico nationalized its oil industry in 1938 and created state-run monopoly Pemex. Mexico has some of the tightest restrictions on private investment in energy in the world, with stricter rules than Cuba, China and Russia.
* Despite its large oil reserves, a refining shortfall means Mexico imports about 40 percent of its gasoline. It also imports some natural gas.
* Mexico's oil reserves are declining due to years of low investment under seven decades of one-party rule until 2000.
* Taxes on oil exports fund about one-third of government spending, but this tax burden has held back Pemex's spending on exploration and new refineries. Two recent tax cuts slightly eased Pemex's burden.
* Mexico produces about 2.9 million barrels of crude per day, down from a peak of 3.4 million bpd in 2004, and exports about 1.5 million bpd. (Reporting by Jason Lange; Editing by Kieran Murray)
© Thomson Reuters 2009 All rights reserved
Dubai Debt Fears
Banks outside the Gulf played down their exposure to Dubai debt, after fears the emirate could default and even derail world economic recovery prompted a sell-off in global markets. Full Article | Slideshow
India Investment Summit 2009
Top executives and bankers discuss their own plans and the broader opportunities and challenges for India. Full Coverage




India
US
UK







