Toronto-based, South American-focused explorer Pacific Rubiales Energy has entered into a three-year memorandum of understanding (MOU) with Mexico's state oil firm Pemex, the company announced on 17 October.
Pacific Rubiales said the MOU establishes the basis for discussions and analysis of potential oil and gas cooperation in Mexico, including exploration, deepwater projects, revitalization of mature fields, heavy and extra-heavy oil onshore and offshore fields, high water production fields and other upstream activities. Additionally, it creates a cooperative framework for exchanging technical knowledge, information, experiences and practices, as well as any other mutually identified areas of interest. These may include upstream, midstream, human capital, and environmental and safety, knowledge and opportunities.
"This partnership combines the strengths and advantages of both companies to identify and pursue collaboration opportunities offered by the recent opening up of the Mexican oil and gas sector to foreign investment," said Ronald Pantin, Chief Executive Officer of Pacific Rubiales. "We expect Mexico will be a significant driver of future growth for Pacific Rubiales and are committed to further advancing our plans in the country as we continue to build the leading Independent Latin American focused E&P Company."
Pacific Rubiales maintains several assets in Colombia and also Peru, Guatemala, Brazil, Guyana, Belize and Papua New Guinea.
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