Mexico’s Petróleos Mexicanos (Pemex) has signed agreements with Malaysia’s Petroliam Nasional Berhad (Petronas) and with Argentina’s YPF, to take advantage of new opportunities opening through Mexican energy reform. Heads of the three national oil companies met last week in Cancún.
Petronas announced on 27 September that its Chief Executive Shamsul Azhar Abbas signed a Memorandum of Understanding (MoU) and Cooperation with the Director General of Pemex, Emilio Lozoya Austin, to further business opportunities between the two NOCs.
It is the latest sign that Petronas is strengthening ties with Latin America, despite pulling out of Venezuela in 2013. In late August, Petronas finalized a US$550million deal with YPF SA to develop the Vaca Muerta shales.
Pemex and Petronas also signed a tripartite MoU and Cooperation with Miguel Galuccio, Chief Executive Officer at Argentina's YPF. The MoU covers sharing experiences and best practices in exploration and production of oil and gas.
“Petronas has always believed in the importance of having the right partners for growth, and Pemex provides a natural choice being the Mexican national oil company. Meanwhile, the Tripartite MoU is an extension of our collaboration with YPF in Argentina.
“These MOUs will hopefully provide a strategic platform for growth to complement and provide optionality to our North American resource base,” said Shamsul Azhar Abbas.
At right: Pemex offices in Villahermosa, Tabasco (photo by Nina Rach)
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