History of the oil industry in Mexico

For more than three centuries ago, Mexico has benefited from the vast oil fields that are part of the national territory; Today, this industry represents a major national economic resources. In the first two months of 2012, revenues from oil exports reached the 7000 $ 846 million, according to the Ministry of Finance.
The oil industry over time
1783
They enter into force the Royal Ordinances for Mining of the New Spain, they determined that all extracted underground wealth, including oil, belonged to the Spanish Crown and, therefore, only this entity had the right to grant the particular resource exploitation.
1884
After the War of Independence, the government issued a document called the Mining Code of the United Mexican States repealing the Mining Ordinances. This new legislation intended to encourage oil investment and, above all, to transfer the sovereign right to exploit the subsoil.
1892
Mining Code of the Mexican Republic, it stipulates that only the owner of the land freely exploit mineral fuels, as long as the federal property tax is covered is enacted.
1901
the first Petroleum Act which allows the President to grant permits to companies and individuals to exploit land owned by the nation is issued.
1911
Several foreign companies from the Petroleum Law, begin to expand in the nation. Begin Mexican oil exports to the United States, Europe and Latin America.
1912
The government of Francisco I. Madero decrees, especially in the form of stamp duty, the first lien on crude oil production.
1917
Since the promulgation of the Constitution of the United Mexican States establishes in Article 27 that the nation is restored ownership of mineral resources. Because of this, many oil companies are grouped to form the Association of Petroleum Producers in Mexico, as a response to the enactment of the new constitution.
1918
Venustiano Carranza imposed new taxes on the oil industry, they consisted in an annual rental fee and 5% royalty on all the oil lands developed by the surface owners or lessors.
1933
Mexican Eagle Oil Company discovered the deposits of Poza Rica, Veracruz, making this area a new region of great potential. The project of a national oil company takes shape with the creation of the Petroleum Company of Mexico, S.A. (Petromex), an enterprise involving mismanagement and private investors.
1935
the Union of Oil Workers way (STPRM).
1937
The government created the National Petroleum Administration (AGPN), to which he transferred Petromex properties.
1938
The then President Lazaro Cardenas decreed on March 18, the expropriation of the oil industry. To rearrange, concentrate and coordinate nationalized industry the government of Mexico created, on June 7, Petroleos Mexicanos (Pemex) and Distribuidora de Petroleos Mexicanos.
1940
Pemex is reformed as a single entity that is vertically over the entire oil industry. To address the problem of fuel supply large quantities of crude oil intended for refining abroad and the construction of the refinery Poza Rica is completed.
1941
Pemex Exploration creates the Department to reverse the downward trend of production.
1946
Pemex discovered in Reynosa, Tamaulipas, major oil and gas. In November the new facilities were opened Azcapotzalco refinery (known as "March 18") with capacity to process 50,000 barrels of crude.
1950
two new refineries in Salamanca and complementing Reynosa refinery "March 18" are constructed.
1957
To stimulate the development of 500 million pesos Pemex issued bonds in stabilized. works Tampico-Monterrey pipeline are completed. It is obtained for the first time in Mexico oil formations of the Jurassic period.
1965
the Mexican Petroleum Institute is created; It emerged as part of efforts in the vertical integration of the oil industry.
1976
the exploitation of undersea deposits in the Campeche begins. Chac, the first offshore field in this area, giving rise to new discoveries and settling the Cantarell complex.
1989
Creates Pemex subsidiary Pemex International, with the aim of establishing a modern and efficient for conducting international business organizational framework.
1992
On July 15 the Executive enacts a new Organic Law of Petroleos Mexicanos, it determines the creation of a corporate body and four Subsidiaries: Pemex Exploration and Production (PEP), Pemex Refining (PXR), Pemex Gas and Basic Petrochemicals (PGPB) and Pemex Petrochemical (PPQ).
2004
The international oil market faces a number of circumstances that caused high volatility in oil prices. In December, the peso devaluation following the capital flight that had hit the country in the last year of the presidency of Carlos Salinas de Gortari decreed. The accumulation of a huge short-term debt (30 billion dollars in tesobonos) is intended to cover the deficit of the Secretariat of Finance and Public Credit.
2005
In February emergency loans are signed with the Monetary Stabilization Fund of the United States by 14 billion dollars and the International Monetary Fund by 17 billion dollars. All contracts offered as collateral resources Pemex and these funds were liquidated s debts.
2007-2008
The annual oil production in Mexico increased to reach the figure of 1,237 million barrels, standing out in this category field Cantarell complex.
2012
Mexico celebrates the 74th Anniversary of the Oil Expropriation. Also, Pemex drilled in Jujo field in Tabasco, the deepest on record in the industry horizontal well. Meanwhile, the Chicontepec field increased production by more than 50% last year.
With information from the Center for Historical Studies of El Colegio de Mexico and Dr. Carlos Marichal.
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