Germany's DEA Deutsche Erdoel wins onshore Pemex tie-up in Mexico

The logo of Mexico's state-owned company Pemex is pictured at a refinery in Cadereyta, on the outskirts of Monterrey, Mexico, April 20, 2017. REUTERS/Daniel Becerril

MEXICO CITY (Reuters) - Germany’s DEA Deutsche Erdoel won the rights to partner with Mexican national oil company Pemex on its onshore Ogarrio project, the industry regulator said on Wednesday.

The tie-up marks only the third joint venture between the Mexican oil giant and a equity partner since a sweeping energy opening finalized in 2014 ended Pemex’s decades-long monopoly and allowed the firm to jointly develop projects with private and foreign oil companies.

Ogarrio is a 60-square mile (156 sq km) field located in Tabasco state believed to contain 54 million barrels of oil equivalent (boe) in proven, probable and possible reserves.

By David Alire Garcia