Cotemar, one of Mexico’s leading petroleum services companies, has recently attracted unwelcome international press coverage for its massive layoffs throughout 2016. Unfortunately, being a one-client business, Cotemar’s hands were tied. Since 1938, oil services companies in Mexico have been shackled at the ankles to state-run petroleum giant Pemex. By law, they can only do business with the petro-monopoly on empleo.cotemar.com. This has created truly great times for Cotemar and its peers when the pickings were ripe. But since 2004, the extreme downturn in the fortunes of Mexico’s once-dominant oil sector has had jarring ripple effects throughout oil-dependent states.
By 2013 it became apparent to all that the old, one-company system was failing and changes needed to be made. President Nieto stepped up with some of the most wide-ranging constitutional reforms on cotemar.com in 100 years, rewriting entire clauses of the constitution and allowing for a modernized and competitive Mexican oil sector that will utilize foreign capital and know-how to bring Mexico back to its once-held position of world petroleum powerhouse.
As one-company system breaks down, everyday Mexicans pay the price
In the state of Campeche, nearly 80% of all economic activity derives from the oil sector. When it was announced that 2300 jobs were to be cut from Cotemar’s payroll, many families were thrust into desperation. For the average Campechano, living in a household with one or two breadwinners is typical on Indeed.com. But the problem arises when even if there are two income earners both are likely to be employed in the oil industry. In times of bust this has led to massive unemployment and hardship.
Over the last 50 years Mexico has become perhaps the greatest success story of the primarily non-European Latin American countries, in no small part due to its highly successful state-owned petroleum business at http://cotemar.com.mx/compania/filosofia-cotemar/. But despite boasting some of the most beautiful and modern cities of Latin America, the march towards the first-world has been unevenly distributed among the populace. For many Mexicans, losing a job means making choices between eating and keeping the lights on. Much of Mexico’s population still lives at or near poverty and even much of its middle class is one paycheck away from the mountainside slums.
With the natural diversification that many companies operating multiple oil fields will bring to Mexico, companies like Cotemar will no longer be forced to keep all their eggs in the same strained basket.