Pacific Rubiales Energy Corp. has entered into a three year Memorandum of Understanding and Cooperation (the “MOU”) with Mexico’s state oil company Pemex.
The MOU is establishing the basis for discussions and analysis of potential oil and gas cooperation in Mexico, including exploration, deep-water projects, revitalization of mature fields, heavy and extra-heavy oil onshore and offshore fields, high water production fields and other upstream activities.
Ronald Pantin, Chief Executive Officer of the Company, commented: “We are very pleased to be one of the first foreign independent oil and gas producers to sign an agreement with Pemex and look forward to working together to develop a sustainable energy sector in Mexico.
“…Mexico will be a significant driver of future growth for Pacific Rubiales…”
“This partnership combines the strengths and advantages of both companies to identify and pursue collaboration opportunities offered by the recent opening up of the Mexican oil and gas sector to foreign investment.”
“We expect Mexico will be a significant driver of future growth for Pacific Rubiales and are committed to further advancing our plans in the country as we continue to build the leading Independent Latin American focused E&P Company.”