Furthering its flurry of activity after Mexico’s landmark energy reform, Petroleos Mexicanos (Pemex) and ExxonMobil signed a preliminary deal to establish dialogue and jointly analyze both upstream and downstream business opportunities.
Pemex CEO Emilio Lozoya Austin speaking at CERAWeek 2014. Photo by Audrey Leon/OE.
The Mexican national said in a statement that today's memorandum adds to the company’s efforts in attracting new technology, capital and partners to allow it to compete effectively in the country’s new energy economy. Following the energy reform’s August passage, Mexico’s hydrocarbon sector is open to private investment for the first time in more than 75 years.
Best practices related to human capital, the environment, and safety will also be shared under the non-binding memorandum of understanding (MOU). Pemex said CEO Emilio Lozoya Austin and ExxonMobil CEO Rex Tillerson signed the MOU on Tuesday.
A revitalized Pemex announced an oil and gas technology-related MOU with BHP Billiton on 26 September. Days later, the company signed an MOU with aims similar to the ExxonMobil agreement with Malaysia’s Petronas and Argentina’s YPF on 30 September.
Following Round Zero, Pemex now has rights to 83% of the country’s 2P reserves and 21% of perspective resources. At that time, Pemex said in a statement that it had already identified 10 partnership opportunities, including two in the deepwater Gulf of Mexico.