Published On: Sat, Dec 10th, 2016

Pemex to award more joint ventures for offshore oil drilling

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Fresh off a historic tie-up with Australia’s BHP Billiton Plc, Pemex is aiming for more than five additional joint ventures with other major producers over the next two years, the chief executive officer of the Mexican state oil firm said on Monday Dec. 5.

BHP was chosen as Pemex’s partner in its Trion deep water Gulf project earlier on Monday, the first time the ailing Mexican oil firm will jointly share the risks and rewards of a potentially lucrative development, Reuters reported.

Pemex already plans four shallow water and onshore tie-ups next year, and Pemex CEO Jose Antonio Gonzalez Anaya hopes at least five more will follow by 2018.

Oil Platform in Ciudad del Carmen, Campeche (Photo: PEMEX)

Oil Platform in Ciudad del Carmen, Campeche (Photo: PEMEX)

“We have other fields in deep waters and may be able to do them soon,” he added, declining to specify how soon or which fields.

Hailing the Trion deal as a “milestone” for Mexico, Gonzalez defended the pursuit of costly and difficult deep water projects since the company can now rely on partners that have more experience and more capacity to invest in new developments.

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