-
THE OIL TRADE BEGAN IN MEXICO
Manuel Gil y Sáenz tried to exploit a surface deposit, which he called "San Fernando Oil Mine", near Tepetitlán, Tabasco. -
THE MEXICAN OIL CORPORATION WAS FOUNDED.
Cecil Rhodes organized the company London Oil Trust to acquire several of Papantla companies and created the Mexican Oil Corporation. -
WATERS-PIERCE OIL COMPANY
Waters-Pierce exported refined products to our country, became the first company with positive results in the area of refining and distribution in Mexico. -
THE FIRST OIL LAW WAS CREATED
In 1901 Porfirio Diaz decreed the first oil law. It granted permits to individuals and organized companies to explore and exploit federally owned land. -
OIL DECLINE
The oil was exhausted in well 4 in late 1918 and in Cerro Azul 4 it was exhausted in 1923. -
INDEPENDENT COMPANIES IN MEXICO DISAPPEARED
During the government of Plutarco Elías Calles, the Regulation of Article 27 of the Constitution in the Petroleum Sector was enacted and the Control of National Oil Administration unit was decreed. Edward L.Doheny gave control, to the Indiana Standard Oil, of the Pan American Petroleum and Transport Company, ending the dominance in the industry of individual companies. -
DECREASE IN THE PRICE OF OIL.
By 1928 the barrel of oil decreased its value by almost 50%, reaching 1.17 dollars. -
THE EXPROPRIATION OF OIL.
General Lázaro Cárdenas del Río issued the decree of the Oil Expropriation. It consisted of the legal appropriation of oil exploited by 17 foreign companies that had control of the industry, to become property of Mexicans. -
PEMEX WAS ESTABLISHED
On June 7, 1938, Lázaro Cárdenas del Río created Petróleos Mexicanos (PEMEX) and the Distribuidora de Petróleos Mexicanos, with the aim of exploring and exploiting energy resources such as gas and oil on Mexican soil.