Connect to share and comment

Pemex, Exxon Mobil sign technical collaboration agreement

PlacardEnlarge
(Globalpost/GlobalPost)

Mexico City, Apr 3 (EFE).- Petroleos Mexicanos has signed a technical-scientific collaboration agreement with U.S. energy giant ExxonMobil, the Mexican state-owned oil monopoly said Wednesday.

The aim of the five-year accord is for the companies to cooperate on scientific, technological and human-resources research and development in the areas of hydrocarbon exploration, drilling, production, transportation and storage, Pemex said in a statement.

Under the terms of the deal, both companies may promote cooperation in areas of mutual interest without that collaboration involving the provision of paid services by either party.

The companies will share "knowledge (and) technical and operational experiences in areas covering the entire exploration and production value chain," Pemex added.

The agreement was inked by the head of Pemex's exploration and production arm, Carlos Morales Gil; and the president of ExxonMobil Ventures Mexico, Enrique Hidalgo Noriega, the statement said, without indicating when the deal was signed.

Pemex, which has a monopoly on oil output in Mexico, produced an average of 2.55 million barrels of crude per day at the end of last year.

http://www.globalpost.com/dispatch/news/agencia-efe/130403/pemex-exxon-mobil-sign-technical-collaboration-agreement