CANCUN, Mexico – ONGC Videsh Ltd. and Pemex-Exploracion y Produccion, the upstream subsidiary of PEMEX, have entered into a memorandum of understanding (MOU) to cooperate in the hydrocarbon sector in Mexico.
Under the MOU, the two companies plan to discuss future cooperation and collaboration in the upstream sector in Mexico. The MOU also envisages cooperation in the fields of technology, human resources, and research and development.
Mexico is the largest crude oil producing country in Latin America. As a result of recent energy reforms in the country, the oil and gas sector is being opened for participation by foreign firms.