Pemex signs MOUs with Saudi Aramco and Mubadala Petroleum

Mexico’s state oil firm Pemex has signed memorandums of understanding (MOUs) with two major Middle East players about potential cooperation in the country’s energy sector, including offshore oil production.

The agreements are with Mubadala Petroleum of the United Arab Emirates and with Saudi Aramco of Saudi Arabia and include the potential for collaboration on offshore oil developments.

The Mubadala MOU, signed in Dubai, provides a framework for discussing potential upstream exploration and production projects as well as infrastructure ventures.

Pemex has been loosening its monopoly grip on domestic production by allowing non-state and overseas bidders at recent oilfield auctions.

The aim is to improve the efficiency and productivity of the industry, revitalizing the energy sector.