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PEMEX is on the Skid
 The News
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January 26, 2010
The government is constantly complaining about the loss of oil revenues and warns that the future looks bleak as oil production consistently diminishes.
Only 15 months ago, the Calderón Administration instituted an “oil reform” aimed precisely to change the course of the disaster that the oil monopoly is facing.
Up until the first half of 2009, the latest data available was that the company was operating with 144,000 workers.
Though in all big business downsizing has been the rule of thumb all over the world, the bureaucracy at Pemex grew even larger than the past years.
Notice please that large international oil companies operate with 15 to 20,000 employees, but it is a fact of life that jobs at Pemex are awarded to the cronies of those running the company at the time.
The problem with Pemex is that it's eyed by politicians in power as a reward to their cronies who finally get high paying jobs (200,000 dollars and more a year) which is, by any accounting, detrimental to the company's finances.
The practical answer for the Pemex financial woes would be to reduce personnel and outsource new drilling sites.
But, this is opposed by the powerful union and even political parties who use the Constitution as an umbrella.
The blatant mismanagement over 80 years of Pemex is to blame for the crisis the company faces.
You can bet those in power will pay heed to downsizing when oil and revenues dry up.
Not before. |
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