Mexican state oil company Pemex and US oil giant ExxonMobil renewed a general cooperation agreement to share technical and scientific information, Pemex announced on April 3, 2013.
Mexican President Enrique Pena NietoThe five-year agreement, Pemex said, is not a service agreement, rather it defines the framework for collaboration in research, science, technology and human resources in the exploration, drilling, production, transportation and storage of hydrocarbons. The two companies will share knowledge, technical, and operational experience in topics that cover the entire value chain, the company said.
Pemex Exploration and Production CEO Carlos Morales Gil and ExxonMobil's Ventures Mexico President Hidalgo Enrique Noriega were present to sign the agreement.
The agreement comes at a time when Mexican President Enrique Pena Nieto seeks to overhaul his country's energy sector, including championing private investment in Pemex. Pena Nieto said last month at the company's 75th anniversary event that he would like to see Pemex become synonymous with modernity and an example of innovation.
"Pemex must be transformed and modernized," Pena Nieto said at March event. "It is and will continue to be the heritage of all Mexicans."
