Pacific Rubiales Energy Corp. entered into a three-year Memorandum of Understanding and Cooperation with Mexico’s state oil company, Petróleos Mexicanos (Pemex) and its subsidiary entities. The MOU establishes the basis for discussions and analysis of potential oil and gas cooperation in Mexico, including exploration, deep-water projects, revitalisation of mature fields, heavy and extra-heavy oil onshore and offshore fields, high water production fields and other upstream activities.
The MOU establishes a cooperative framework in order to exchange technical knowledge, information, experiences and practices, as well as any other mutually identified areas of interest. These may include upstream, midstream, human capital and environmental and safety, knowledge and opportunities.
Ronald Pantin, CEO of the company, commented: “We are very pleased to be one of the first foreign independent oil and gas producers to sign an agreement with Pemex and look forward to working together to develop a sustainable energy sector in Mexico. This partnership combines the strengths and advantages of both companies to identify and pursue collaboration opportunities offered by the recent opening up of the Mexican oil and gas sector to foreign investment.”