Petronas targets Latin America expansion

Petronas has announced the signing of agreements with the national oil company of Mexico, Petróleos Mexicanos (Pemex) and with the national oil company of Argentina, YPF, extending its aspirations for growth in the Americas.

Petronas President and Group CEO, Tan Sri Dato’ Shamsul Azhar Abbas on 25 September 2014 inked a Memorandum of Understanding (MoU) and Cooperation with the Director General of Petróleos Mexicanos (Pemex), Emilio Lozoya Austin purposed at furthering business opportunities and mutual co-operation between the two national oil companies.

With this, PETRONAS and Pemex will explore appropriate mechanisms through which there will be an exchange of experience, knowledge and best practices for activities related to deepwater projects, mature fields, heavy and extra heavy crudes, as well as the possibility to develop projects related to natural gas and infrastructure.

The agreement additionally addresses the development of human capital. Both national oil companies are also committed to achieving sustainable hydrocarbon development as well as environmental protection in their activities.

Petronas and Pemex also signed a tripartite Memorandum of Understanding and Cooperation with YPF, the Argentinian national oil company, which was represented by Miguel Galuccio, Chief Executive Officer. The MoU covers the sharing of experiences and best practices related to exploration and production of oil and gas.

“Petronas has always believed in the importance of having the right partners for growth, and Pemex provides a natural choice being the Mexican national oil company. Meanwhile, the Tripartite MOU is an extension of our collaboration with YPF in Argentina.

“These MOUs will hopefully provide a strategic platform for growth to complement and provide optionality to our North American resource base,” said Tan Sri Shamsul.