Nexen join hands with Pemex

Canada’s Nexen said it had signed a general collaboration agreement with Mexican state oil company Pemex covering training as well as deep-water oil and gas exploration and coal-bed methane production.

The deal, signed between local units of Nexen and Pemex, is the first co-operation agreement signed by a Canadian company, Nexen said. Mexican law prohibits Pemex from sharing the risk of exploration with other foreign or state-owned companies. Pemex is struggling the replace lagging production at its existing offshore production facilities. The state oil company has however signed similar agreements covering scientific and technological co-operation with Norway’s Statoil, Brazil’s Petrobras and UK supermajor BP.

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