Petroleos Mexicanos (Pemex) and Chevron entered into a memorandum of understanding (MOU) intent on increasing cooperation in areas such as deepwater, heavy oil and mature fields.
The preliminary deal also covers collaboration on natural gas, refining, fuel distribution, as well as more socially- and environmentally-minded issues related to the reduction of greenhouse gases, and environmental protection.
The deepwater Gulf of Mexico (GOM) is an area of focus for both companies, with heavy oil in particular being an big investment point for Pemex. The company operates multiple heavy oilfields, including Ayatsil, which is currently under development, in the Bay of Campeche. This summer, it announced that it is pumping an additional US$6 billion in its aging Cantarell heavy oilfield.
Chevron just announced a new find in Keathley Canyon, within the Gulf of Mexico’s Lower Tertiary Trend, days ago on 23 October. The US-based producer is extremelt active in the GOM, where it said it averaged a net daily production of 143,000bo, 347Mcf of natural gas, and 15,000 bbl of natural gas liquids during 2013.
In August, Pemex was granted almost all acreage it requested in its Round Zero wish list, which included rights to all requested domestic proven and probable reserves. At that time, the company announced partnership opportunities in 10 areas, including two in deepwater areas such as Perdido. It expects to hold its first-ever bid round next year.
It is the latest in a spate of partnerships Pemex has formed following the energy reform that swept the oil and gas and electricity industries. Earlier this month, it entered into MOUs with Fort Worth-based ExxonMobil and Toronto’s Pacific Rubiales, respectively. In late September, Pemex signed a deepwater technology MOU with Australia’s BHP Billiton.
Companies are also flocking to Mexico to take advantage of the potential for new cooperation agreements. Mexico seismic services company COMESA announced today that it selected Paradigm as a strategic partner for its new seismic data processing center. Chinese shipbuilder Sinopacific is also one of a number of companies in the past few months that entered the country.
Photo of Pemex Chief Executive Office Emilio Lozoya Austin at CERAWeek 2014 by Audrey Leon/OE.
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BHP Billiton, Pemex sign tech MOU
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