JOGMEC and PEMEX sign coop agreement

Japan Oil, Gas and Metals National Corporation (JOGMEC), Petróleos Mexicanos (PEMEX), and its subsidiaries signed a Memorandum of Understanding for bilateral technical cooperation.

The MOU was signed by Emilio Lozoya Austin, CEO of PEMEX, and Hirobumi Kawano, the President of JOGMEC, in the presence of H. E. Enrique Peña Nieto, President of Mexico, and H.E. Shinzo Abe, Prime Minister of Japan.

The MOU covers several areas including the following:

– Technological joint studies including geological and geophysical studies and evaluation and application of the latest technologies available to provide solutions for challenges in exploration, development and production of crude oil and natural gas;
– Technological joint research and development such as unconventional oil and gas exploration and development;
– Development of human resources through training.

In December 2013, constitutional amendments to reform the energy sector were published in Mexico. It is expected to open up the market for foreign private companies to bid on oil and gas fields.

The MOU would strengthen relationships between Mexico and Japanese companies including JOGMEC and contribute to promote Japanese companies’ entry into oil and gas businesses in Mexico.