DAVOS, Switzerland Jan 24 Mexican state-run
company Pemex will sign a cooperation memorandum with Russia's
No.2 oil producer Lukoil on Friday, the Pemex chief
executive told Reuters as the country is opening up its energy
sector in a move to boost production.
Mexican President Enrique Pena Nieto last month signed a
bill into law that ended the country's 75-year-old oil and gas
Under the legislation, which is still being mapped out,
foreign companies will be able to enter the sector as Pemex is
seeking to bring in expertise and boost efficiency.
"There are dozens of new players who now come and look at
the opportunities that are opening up in Mexico," Pemex Chief
Executive Emilio Lozoya said.
As a private company, Lukoil is struggling to get large new
deposits in Russia, including offshore, and is actively pursuing
a foreign expansion to maintain its production levels.