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Is Pemex Already Involved In Oceanica?

|Includes: Odyssey Marine Exploration, Inc. (OMEX)

It would appear so.A friend recently pointed out that CEMDA had submitted a list of quesitons to SEMARNAT one month ago, following the Oceanica public hearing. Here is the document in translated form:!topic/mineriat...It's a pretty mundane list. One thing, however, was somewhat interesting. Item #17 requests that SEMARNAT provide any information that any government body, including Pemex and Pemex-Fertilizers may have provided with respect to Oceanica. The very next item requests the same with respect to Ahmsa.Why would CEMDA specifically call out federal government involvement to include Pemex? It could be nothing at all. CEMDA might just be fishing. My guess is that there's more to it than that.Many of us have speculated for a long time about Pemex's involvement. The company has made the building of a fertilizer business a part of its five year business plan, and has been actively buying fertilizer and fertilizer-related assets. The Oceanica claim is so strategically important to Mexico that it would be a surprise if Pemex wasn't somehow involved.We don't know the extent of Pemex's involvement, and we don't know what their involvement might mean in the context of Oceanica's development. All the same, the fact that Pemex is likely working behind the scenes with Ahmsa should give OMEX shareholders some confidence that the project is on the radar screen at a national level........In other news from BCS, a couple of state Senators and the Governor have recently made public statements to repudiate some of the anti-mining sentiment that has been expressed by more junior members government at local levels. Even BCS Noticias picked up the story - Governor and the Senators are against open-pit mining in tourist areas, but the article notes that outside the very southern tip of the state (La Paz and below), tourism is not much of a factor, and mining is important as a provider of jobs. The statements from the Governor and Senators leave the door wide open for mining in other areas of BCS.Of course, Oceanica is nowhere near a tourist center being that it is 40km out to sea. The project will create jobs directly, and indirectly in downstream processing. It also will bring tens of millions of dollars in royalty payments to state and local governments. My belief is that the silence from the Governor and these Senators with respect to Oceanica is likely due to the fact that they want the project and understand how important it can be to the local economy.

Disclosure: I am/we are long OMEX.