Insufficient

Mexico energy expert George Baker was unimpressed by the confirmation hearings for the four new members of the newly independent Pemex board of directors. Here are the questions he says that some plucky senator should have ventured to ask:

1. Why would you want to serve, as an independent member, on a corporate board that in its 70 years has never made an independent decision?

2. Article 2 of the reformed Petroleum Law (the one that regulates Article 27 of the Constitution) specifies that cross‐border oil and gas fields will be jointly developed. How would you recommend that Pemex proceed in this matter, given that it has no history of joint development of any fields?

3. How would you vote in relation to retiring or laying off the 50,000 extra employees that Pemex has on its payroll but does not need for any practical purpose? Would the fact that five other board members represent the Oil Workers' Union have an influence on the way you might vote?

4. How do you see the Pemex corporate board interfacing with the National Hydrocarbons Commission, especially in light of what seems to be overlapping authorities and jurisdictions?

5. In your view, how should Mexico or Pemex proceed in deepwater? Do you see a role for IOCs?

That first one would have been fantastic. For the those as confused as I was when I first read it, I think IOCs refers to international oil companies, but I may be wrong.