Mexico’s Pemex entered into deals with three companies in the Middle East following President Enrique Peña Nieto’s visit to the region.
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Image of Lozoya signing contracts. Image from Pemex Twitter. |
Two memorandums of understanding (MOUs) were signed between Pemex CEO Emilio Lozoya and the United Arab Emirates’ Mubadala Petroleum and ADNOC, in addition to a deal with Saudi Arabia’s Saudi Aramco.
Pemex and Mubadala will establish projects for both companies to collaborate on and explore business opportunities in the energy sector in Mexico, which includes upstream activities in the country, as well as primary midstream projects and infrastructure investments of more than US$4 billion. The agreement specifies infrastructure projects in areas such as Salina Cruz, Oaxaca; commercial logistics systems with estimated investment of more than $3 billion, Pemex said.
Pemex anticipates that the collaboration and partnership with Mubadala will lower operating costs.
In the deal with ADNOC, both companies will exchange best practices in the operations, which will include training of human resources; upstream activities related to both exploration and production and field development; enhanced recovery; processing and handling of liquefied natural gas; sustainability; and cyber security among others.
The agreement with Saudi Aramco renews and develops the relationship between both companies and establishes the basis of dialogue to explore various areas of cooperation including operations and support services in upstream and downstream, exchanges of experiences in policies of operational excellence, sustainability and energy efficiency as well as innovation and technology development.
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