A massive explosion shook the headquarters of Petroleos Mexicanos (PEMEX) on Jan. 31, leaving at least 32 dead and 121 injured, but the company assured the public that its operations would continue uninterrupted.

Despite the grisly work of emergency workers pulling bodies from its building, PEMEX referred to the explosion only to as “an incident” at its headquarters.

The cause of the explosion has not been determined but an unnamed government official said a preliminary inquiry was aimed at a gas boiler that had blown up in the building, Reuters reported. However, other possibilities were still being examined.

On its website, PEMEX said it had “activated its financial operations contingency system.” Additionally, PEMEX confirmed that its “production processes and execution capacity will continue without irregularities.

“As a result, all commitments with financial and commercial counterparties will be met in a timely and appropriate manner,” PEMEX said.

PEMEX says on its website it is Mexico’s “sole producer of crude oil, natural gas and refined products … and the most important company of the country.”

PEMEX is the largest company in Mexico and Latin America, it said.

In the third quarter of 2012, the company said its crude oil production averaged 2,541 thousand barrels per day (Mb/d).

However, Reuters noted that PEMEX has become a symbol of Mexican self-sufficiency also known for security problems, oil theft and frequent accidents. It has also been hurt by inefficiency, union corruption and a series of safety failures costing hundreds of lives.

In 2011, the company said 215,000 barrels of fuel was illegally extracted through clandestine intakes in pipelines in the transportation system. The company has devoted special attention to fighting the illegal fuel market.

The company appeared ready to make headway. In a Jan. 16 report, Brian Purdy, managing director and senior oilfield services analyst, Global Hunter Securities, noted PEMEX has changed its business model since 2008 to encourage service companies to be more efficient and create wells that are more productive.

A land rig spike in 2008 produced many expensive but poorly performing wells, Purdy said.

PEMEX has begun issuing production sharing contracts (PSCs) where some of the well cost is held back and the lead contract is then paid out of the production from the well.

“We believe two rounds of PSCs have been awarded, with a third round coming in July,” Purdy said, adding that additional rigs could be required if more business can be won.