By LAURENCE ILIFF
MEXICO CITY -- Mexico's state-owned oil monopoly Petroleos
Mexicanos, or Pemex, said Wednesday it signed a noncommercial
agreement with ExxonMobil to share technical and scientific
information of mutual interest.
Pemex said in a press release that the five-year agreement
renews the two oil companies' relations in matters of
cooperation. "The goal of this agreement is to define our
collaboration in the areas of investigation, scientific
development, technical and human resources in exploration,
drilling, production, transportation and storage of
hydrocarbons," the statement said.
Pemex said the accord did not represent any type of service
agreement and did not involve compensation.
Pemex is one of the top oil producers in the world, with
about 2.55 million bpd of crude oil, along with natural gas
production, refineries and other operations. Pemex's biggest
operations are in the "easy oil" areas of the shallow southern
waters of the Gulf of Mexico, where production has been
declining for the last eight years.
Exxon Mobil is the world's largest publicly traded
international oil and gas company, and produces in
nonconventional areas like the deep waters of the Gulf of
Mexico on the US. side. Pemex is just starting exploration in
the deep waters of the Mexican side of the Gulf.
Mexico's new president, Enrique Pena Nieto, is negotiating
an energy overhaul with legislators to draw more private
investment while bolstering the finances of Pemex, which gives
nearly all of its profits to the federal government for its
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