Petróleos Mexicanos (which translates to Mexican Petroleum in English), commonly known as Pemex, is the state-owned petroleum company in Mexico. The company, founded in 1938, has exclusive rights over oil production in Mexico. With its three main business divisions (Exploration and Production, Industrial Transformation, and International Commerce), Pemex is involved with all levels of the oil and gas industry, from extraction, to processing, and retailing. Pemex is the only fuel retailer in Mexico, and had 10,830 gas stations as of 2014.
On an international scale, Pemex's production and reserves are noteworthy. As of 2014, Mexico was the tenth-largest oil producing country in the world, making Pemex a significant global oil player. Pemex had proved oil reserves of 9.71 billion barrels (including condensates and natural gas liquids) as of January 1, 2015, ranking Mexico as having the seventeenth largest proved oil reserves worldwide. For natural gas, Pemex had proved reserves of 15 trillion cubic feet as of January 1, 2015, which places Mexico as having the thirty-first largest proved natural gas reserves worldwide. Additionally, including proved, probable, and possible reserves, Pemex reported having a total of some 43.71 trillion cubic feet of natural gas reserves in 2015.
In addition to domestic sales of refined oil products of some 1.43 million barrels per day in 2014, Pemex exported 1.14 million barrels of crude oil per day. Pemex also exports a significant amount of petrochemicals, dry gas, condensates, and refined products.
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