Mexico’s state oil firm Pemex intends to step up the rate at which it farms out projects and teams up with foreign and private partners on joint ventures, many of them offshore, according to Reuters.
Pemex has been on this path for at least four years since the government decided to reform the energy sector and reduce the company’s monopoly position in domestic production, a position it has held for around 70 years.
The aim then was to improve output and the opening up has attracted much interest from foreign and private sector players.
The acceleration was announced on Thursday by Pemex CEO Jose Antonio Gonzalez Anaya speaking at the annual Mexican Petroleum Congress in the central state of Puebla.
Gonzalez Anaya pointed out that 2017 will be the first time in five years that Pemex’s books will show a primary surplus.