Mexico's Pemex Signs Cooperation Agreement With ExxonMobil
MEXICO CITY, Oct 2 (Reuters) - Mexico's state oil company Pemex and Exxon Mobil Corp signed a non-commercial agreement on Thursday to jointly explore potential upstream and downstream business opportunities, a statement from the Mexican bourse said.
The agreement comes against the backdrop of the landmark constitutional reform, signed into law under Mexican President Enrique Pena Nieto last year, that ended Pemex's 75-year-old oil and gas monopoly.
Next year, the company is expected to seek joint venture partners for the development of a range of oil and gas fields, thanks to the legislation.
The memorandum of understanding signed with Exxon Mobil aims to "establish the bases for dialogue and analysis of business opportunities in upstream and downstream areas," the statement said.
Upstream projects include exploration and production of crude oil or natural gas, while downstream ventures could include refining, storage or oil and gas transportation projects.
(Reporting by Alexandra Alper and David Alire Garcia; Editing by Tom Brown)
WHAT DO YOU THINK?
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.
- Ex-Schlumberger Chief to Acquire Biggest Shale Pipe Servicer (Oct 19)
- Exxon Exploration Chief Eyes Africa for Next Elephant Oil Find (Oct 18)
- Tight Oil, Shale to Drive Majors' Output to New Highs (Oct 16)
Company: Pemex more info
- Pemex Signs Landmark Offshore Deal (Sep 21)
- Data, Source: Mexico's State-Run Pemex Pauses Light Crude Exports (Aug 31)
- Bay of Campeche Subsea Tieback Contract Goes to McDermott (Aug 01)