MEXICO CITY, April 3 The exploration and
production arm of Mexican state oil monopoly Pemex announced on
Wednesday that it has signed a five-year technical collaboration
agreement with Exxon Mobil.
The agreement between Pemex's PEP division and the U.S. oil
major involves joint efforts in research, scientific
development, technology as well as training in exploration,
drilling, production, transportation and storage of
hydrocarbons, Pemex said in a statement.
The expertise-sharing agreement was signed by PEP's general
director Carlos Morales and Enrique Hidalgo, the president of
Exxon Mobil Ventures Mexico, which represents Exxon in Mexico.
The Mexican oil giant said the agreement does not include
any compensation and is "non-commercial" in nature, but did not
provide further details.
The deal comes as President Enrique Pena Nieto prepares to
launch a major overhaul of the Mexican energy sector this year,
aimed at making Pemex more efficient.
The Mexican oil industry has been hampered by
under-investment and legal prohibitions on private
Pena Nieto has said he wants to boost stagnating production
by luring more private capital into the sector.