Mexico’s state oil firm Pemex is talking with some multinational energy giants regarding possible cooperation in offshore projects, according to Bloomberg.
ExxonMobil of the US, Total of France and Chevron of the US are the parties identified as possible collaborators in producing from Mexico’s underdeveloped crude reserves.
The financially struggling Pemex is in the process of shedding its monopoly position regarding Mexico’s oil resources as the country’s government tries to reform the energy sector in order to make it more productive.
Pemex hopes to glean from the talks with these firms whether Areas of Mutual Interest agreements would be feasible, especially in relation to potential deepwater crude sites in the Gulf of Mexico.
Mexico is due to hold its first auction for 10 deepwater drilling rights on December 5 when the government hopes to see more and stronger bids than at a number of previous auctions for sites both onshore and offshore.
An estimated three quarters of Mexico’s potential oil resources are believed to be in the deepwater Gulf.