Pemex CEO: Russia's Lukoil, Mexico's Pemex to Sign Cooperation Memorandum

Reuters

DAVOS, Switzerland, Jan 24 (Reuters) – Mexican state-run company Pemex will sign a cooperation memorandum with Russia's No.2 oil producer Lukoil on Friday, the Pemex chief executive told Reuters as the country is opening up its energy sector in a move to boost production.

Mexican President Enrique Pena Nieto last month signed a bill into law that ended the country's 75-year-old oil and gas monopoly.

Under the legislation, which is still being mapped out, foreign companies will be able to enter the sector as Pemex is seeking to bring in expertise and boost efficiency.

"There are dozens of new players who now come and look at the opportunities that are opening up in Mexico," Pemex Chief Executive Emilio Lozoya said.

As a private company, Lukoil is struggling to get large new deposits in Russia, including offshore, and is actively pursuing a foreign expansion to maintain its production levels.

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
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.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: HR Operations Partner
Expertise: Business Development|HR - General
Location: Houston, TX
 
United States Williston: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Williston, ND
 
Senior Operations Work Coordinator Job
Expertise: Business Development|Construction Superintendent|Operations Management
Location: Arvada, CO
 
search for more jobs

Brent Crude Oil : $52.42/BBL 2.12%
Light Crude Oil : $49.51/BBL 2.35%
Natural Gas : $3.17/MMBtu 2.25%
Updated in last 24 hours