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Possible Answers:
PEMEX.
Last seen on: Vox Crossword Saturday, March 25, 2023
Random information on the term “PEMEX”:
The petroleum industry in Mexico makes Mexico the eleventh largest producer of oil in the world and the thirteenth largest in terms of net exports. Mexico has the seventeenth largest oil reserves in the world, and it is the fourth largest oil producer in the Western Hemisphere behind the United States, Canada and Venezuela. Mexico is not a member of the OPEC (the Organization of Petroleum Exporting Countries) or any petroleum production related organizations, but since 1994 it is a member of the North American Free Trade Agreement.
The petroleum sector is crucial to the Mexican economy; while its oil production has fallen in recent years, oil revenues still generate over 10% of Mexico’s export earnings. High taxes on the revenues of Pemex provide about a third of all the tax revenues collected by the Mexican government.
Petroleum was known in Mexico before the arrival of the Spaniards and used by the natives for incense and to repair canoes. In Mexico’s colonial era (1521-1821), ranchers lost cattle to tar pits in the Gulf Coast Region, so it was considered more of a hazard than a valuable resource. Exploratory wells were first drilled in Mexico in 1869 by U.S. entrepreneurs. In 1846, the first modern oil well in the world was drilled in the South Caucasus region of Russian Empire, on the Absheron Peninsula north-east of Baku (in settlement Bibi-Heybat).