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Pacific Rubiales and Pemex sign cooperation deal

Pacific Rubiales and Pemex sign cooperation deal

Posted by Ricardo Vázquez on October 18, 2014

Canadian Pacific Rubiales Energy Corp on Friday said it had signed a three-year deal to analyze potential oil and gas cooperation in Mexico with Pemex, that country's state oil company.

The deal will include analysis of exploration, deep-water projects, mature fields and other activities, Pacific Rubiales said in a statement.

"We expect Mexico will be a significant driver of future growth for Pacific Rubiales and are committed to further advancing our plans in the country," Ronald Pantin, chief executive officer of Toronto-listed Pacific Rubiales, said in the statement.

Mexico's Congress passed a sweeping energy reform late last year that promises to lure billions of dollars in new investment into the country's struggling oil, gas and electricity sectors.

Earlier this month, Pemex and Exxon Mobil Corp signed an agreement to jointly explore upstream and downstream business opportunities. Next year, Pemex is expected to seek joint venture partners for the development of a range of oil and gas fields, as a result of the new legislation.

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