Pacific Rubiales and Pemex to explore in Mexico

Pacific Rubiales Energy Corp. has entered into a three year Memorandum of Understanding and Cooperation (MOU) with Pemex, establishing the basis for discussions and analysis of potential oil and gas cooperation in Mexico, including exploration, deepwater 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 Pacific Rubiales, 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.

"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 as we continue to build the leading Independent Latin American focused E&P company."

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/exploration/20102014/pacific-rubiales-and-pemex-in-cooperation-270/