SANTIAGO Jan 26 Mexico and Brazil have agreed
to look into establishing joint projects involving state-run
energy companies Pemex and Petrobras
, Mexican President Enrique Pena Nieto said on
Reforms at Mexico's state oil monopoly Pemex have started to
open the company up to more private investment, and Pena Nieto
has pointed to the success of state-controlled Petrobras - which
trades on several major stock exchanges and has boosted
efficiency - as a model for deeper change.
"We agreed to establish or look at alternatives for eventual
strategic alliances between Pemex and Petrobras ... for a
variety of purposes: technology-sharing, project development,"
Pena Nieto told reporters after meeting his Brazilian
counterpart, President Dilma Rousseff.
The Mexican leader gave no further details about the
Both presidents were in Chile for a two-day meeting of heads
of states from the European Union, Latin America and the
Pena Nieto has said one of his top priorities is to boost
oil production by attracting more private investment into the
country's energy sector. He has pledged to press for a
constitutional reform of the industry and plans to push
legislation through Congress this year.
If Pemex cannot develop new discoveries to replace declining
production at the country's largest, aging fields, Mexico risks
becoming a net importer of crude within a decade, analysts say.