Mexico's Oil Dilemma

As production declines, state-run Pemex struggles to find new reserves under daunting restrictions on foreign involvement

Carlos Morales Gil, head of exploration and production for Petróleos Mexicanos, or Pemex, Mexico's state oil company, is sunburned. But it's not because of his frequent visits to offshore oil rigs in the Gulf of Mexico; that out-in-the-sun-too-long look is from a weekend spent in a dusty ring, waving a red cape in front of raging 550-pound bulls.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.