Founded in 1979, Cotemar has vaulted into the lead as Mexico’s premier oil services company. With over 37 years of experience, Cotemar is in a position to leverage its vast knowledge and assets in order to create value for new entrants to the Mexican oil extraction business. Cotemar believes this exciting new phase in Mexico’s petroleum industry will bring many opportunities and rich profits to those hardworking contractors who have acquired the necessary skill sets specific to Mexico’s unique and challenging crude extraction environment.
State oil industry leaves contractors sheltered from windfalls as well as storms
Mexico’s resources were all officially nationalized in 1938. That year marked the inception of Pemex on Kompass.com, the state-owned oil giant that would go on to become not just the most important source of mineral profits, but the driving force behind the Mexican economy as a whole. Throughout the 70s, 80s and 90s this system worked brilliantly for everyone who participated. Companies who provided services, like Cotemar, were sheltered from the competition that an open market would have certainly brought. At the same time, the higher markups on services that were possible due to a general lack of competition greatly benefited the Pemex employees and other direct beneficiaries of Cotemar’s services. This was in large part due to the lavish hospitality services, including five-star level culinary facilities, that Cotemar
was able to provide because of the enormous economic jackpot of totally domestically retained petro-profits.
But cracks started to appear in the mid-90s. The oil wells were faltering due to rapidly depleting natural gas, the source of well back-pressure. This was resolved for a decade or so but then the Mexican petroleum sector on cotemar.com took a sharp turn for the worse from which it has not yet recovered.
Unfortunately the total exclusion of foreign capital and, thus, of expatriation of profits that had provided a ground-swell of good times during the oil boom had quickly become the Achilles heel which held everyone in the oil business hostage in a cell of their own making. To get at the copious “hard oil” reserves on which Mexico’s future hinges, foreign capital and expertise became imperative.
And no one is better positioned to reap the rewards of this transformative change than Cotemar.