Pemex eyes U.S. shale, deepwater as Mexico looks to draw foreign investment

Susana Gonzalez/BLOOMBERG

Pictured: Enrique Pena Nieto, Mexico's president
While Mexico is looking to draw foreign energy companies to invest in the nation?s oil and gas resources, the country?s oil company reportedly also is looking to tap U.S. shale and deepwater resources.

While Mexico is looking to draw foreign energy companies to invest in the nation?s oil and gas resources, the country?s oil company reportedly also is looking to tap U.S. shale and deepwater resources.

The Wall Street Journal reports that Mexico?s state oil monopoly Petroleos Mexicanos, or Pemex, plans to start a new company to explore and produce shale-gas and shale-oil fields in the U.S., as well as deepwater oil fields.

However, Pemex, which has not ventured far beyond its boards, is not experienced in the complicated drilling techniques it would be using, the WSJ reports.

Pemex CEO Emilio Lozoya told the WSJ the company should be formed by the end of the year. Pemex is already exploring numerous projects, Lozoya said.

Meanwhile, Mexican President Enrique Pe?a Nieto last week introduced a long-awaited plan to allow foreign investment that would team up with the government in joint ventures to produce the nation?s oil and gas resources.

Mexico was the first major oil-producing country to nationalize its industry more than 70 years ago. Since that time, it has maintained some of the world?s tightest restrictions on energy investment in the country.

Olivia Pulsinelli is the web producer for the Houston Business Journal's award-winning website. Follow her on Twitter for more.

Source: http://feeds.bizjournals.com/~r/bizj_houston/~3/9XbpT1dZ3pA/pemex-eyes-us-shale-deepwater-as.html

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