MEXICO CITY, April 3 (Reuters) - 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 participation.
Pena Nieto has said he wants to boost stagnating production by luring more private capital into the sector.