|
|
|
|
Search: 
Latin American Herald Tribune
Venezuela Overview
Venezuelan Embassies & Consulates Around The World
Sites/Blogs about Venezuela
Venezuelan Newspapers
Facts about Venezuela
Venezuela Tourism
Embassies in Caracas

Colombia Overview
Colombian Embassies & Consulates Around the World
Government Links
Embassies in Bogota
Media
Sites/Blogs about Colombia
Educational Institutions

Stocks

Commodities
Crude Oil
US Gasoline Prices
Natural Gas
Gold
Silver
Copper

Euro
UK Pound
Australia Dollar
Canada Dollar
Brazil Real
Mexico Peso
India Rupee

Antigua & Barbuda
Aruba
Barbados
Cayman Islands
Cuba
Curacao
Dominica

Grenada
Haiti
Jamaica
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and the Grenadines

Belize
Costa Rica
El Salvador
Honduras
Nicaragua
Panama

Bahamas
Bermuda
Mexico

Argentina
Brazil
Chile
Guyana
Paraguay
Peru
Uruguay

What's New at LAHT?
Follow Us On Facebook
Follow Us On Twitter
Most Viewed on the Web
Popular on Twitter
Receive Our Daily Headlines


  HOME | Mexico

Mexico’s Pemex, Chevron Form Deepwater Joint Venture

MEXICO CITY – State-owned Petroleos Mexicanos (Pemex), US-based supermajor Chevron, and Japan’s INPEX on Tuesday formed a joint venture to explore for oil in deep waters of the Gulf of Mexico.

Last December, the three firms secured the concession for Block 3 North in the fourth tender of Round 1 of Mexico’s first oil auction since a 2013 energy sector overhaul ended Pemex’s 75-year-old monopoly.

Chevron is the leader of the consortium.

Pemex is following international best practices to develop deepwater oil reserves, CEO Jose Antonio Gonzalez Anaya said at Tuesday’s signing ceremony.

The plan calls for investing roughly 100 million pesos ($5 million) over the next four years to determine the potential of the block, the Pemex chief said.

“The execution of this contract represents an important milestone in our ongoing, strategic partnership with Pemex, INPEX and Mexico,” Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production, said during the event in Mexico City.

Block 3 North lies some 117 kilometers (45 miles) off the coast of the northeastern state of Tamaulipas in waters of depths ranging from 500 to 1,700 meters (1,640 to 5,575 ft.).

The government is looking to the energy overhaul to attract tens of billions of dollars in investment and reverse a roughly 30 percent decline in Mexico’s oil output, which peaked at 3.38 million barrels per day in 2004 and currently stands at less than 2.3 million bpd.

 

Enter your email address to subscribe to free headlines (and great cartoons so every email has a happy ending!) from the Latin American Herald Tribune:

 

Copyright Latin American Herald Tribune - 2005-2015 © All rights reserved