Mexico - 02

Mexico: Amid Restructuring, Pemex Mired in Scandal

On 23 January Reuters released a report indicating that federal auditors had flagged some 8% of Pemex’s contracts between 2003 and 2012, totaling $11.7bn. The report comes on the heels of the company’s recent announcement that it would be re-negotiating service contracts in hopes of saving $2bn-3bn amid lower oil prices. While the move to rein in costs is not unique to Pemex, as indicated by oil giants during last week’s World Economic Forum in Davos, the company’s cuts, combined with allegations of inefficiency at best and corruption at worst, are worrisome as Mexico opens to IOCs.

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