India's Reliance to Cooperate With PEMEX for Oil, Gas Exploration in Mexico

India's Reliance Industries Limited (RIL) has agreed to cooperate with Petroleos Mexicanos (PEMEX) to explore for oil and gas in Mexico.

As per the Memorandum of Understanding (MoU) signed between the two companies RIL will cooperate with PEMEX for assessment of potential upstream oil and gas business opportunities in Mexico and jointly evaluate value added opportunities in international markets, the Indian company said Friday in a statement.

RIL and PEMEX will also share expertise and skills in the relevant areas of oil and gas industry including for deep-water oil and gas exploration and production.

“The MoU envisages sharing of RIL’s pioneering expertise in deepwater development and best practices in east coast of India and RIL’s experience in shale gas in United States,” RIL said.

RIL will also provide technical support and share experience  with PEMEX for refining value maximisation and other technical optimization strategies.

RIL stated that cooperation with PEMEX is in line with its growth strategy to explore opportunities to expand its international asset base in regimes having internationally attractive competitive terms.