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Mexico's Pemex to Explore, Exploit Shale Gas, Oil in US

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Reuters

MEXICO CITY, Aug 19 (Reuters) - Mexican state oil monopoly Pemex plans to form a new company to explore for and exploit shale gas and deep-water crude in the United States as it seeks to branch out beyond its borders, the company's CEO said in a newspaper interview.

The company should be set up by the end of the year, Emilio Lozoya told the Wall Street Journal in an interview published on Monday. Pemex is struggling to stem a near decade-long slide in output.

The move comes as President Enrique Pena Nieto seeks to push through a proposed energy sector overhaul in which Mexico will open up a range of new and mature oil and gas fields in Mexico and its waters to private firms.

"Pemex will be starting a new company that will work on the shale-gas and shale-oil fields in the U.S. and in the deep-water side of the U.S.," Lozoya told the paper. "We are already exploring numerous projects."

Pemex already has a stake in the Deer Park refinery in Texas via a joint venture with Royal Dutch Shell Plc.

Currently under its constitution, Mexico can give private oil companies neither concessions nor profit-sharing contracts to exploit either shale gas or deep water crude at home.

Copyright 2014 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Htown | Aug. 26, 2013
This will be interesting. Anybody noticed their "culture" at last years ATCE in San Antonio? Great booth!

Eagle Ford Engineer | Aug. 26, 2013
But wouldnt it be nice to go across the river where all that good rock waits for us. Think about how cheap it will be at first until PEMEX decides they want it back. Probably an albatross for the first US company to go over there.

Mr T | Aug. 20, 2013
Pemex should NOT be allowed to eplore for oil and gas in the USA. They are incompetent and unsafe... The most backward oil company on the planet!

West Houston | Aug. 20, 2013
PEMEX has always used their government monopoly to have their way with contractors. I predict that their corporate culture will fail miserably in the free market.


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