CROTONVILLE, New York – GE and Mexico’s state-owned oil and gas company Petróleos Mexicanos (PEMEX) have signed a memorandum of understanding (MoU) to cooperate on technological and financial solutions for a range of oil and gas development activities.
GE and PEMEX have cooperated on a number of fronts over the past few years, including agreements on wellhead development and equipment, and a general collaboration agreement between GE, PEMEX, and the Mexican Institute of Petroleum signed in April 2014.
The signing took place at GE’s quarterly meeting of its corporate executive council in Crotonville, New York, and was attended by PEMEX CEO Emilio Lozoya Austin and GE’s Chairman and CEO Jeff Immelt.
As part of the ongoing reform in the Mexican oil and gas market, PEMEX has redesigned its business strategy with the purpose of finding partners that would strength its operational capabilities, share the risk of execution, and generate new businesses.
The MoU sets forth the framework for GE and PEMEX to work together on technological and financial solutions for gas compression, power generation and hydrocarbons production, onshore and offshore, including subsea and downstream.
Also, GE says it will explore opportunities for the local expansion of its manufacturing and engineering capabilities, and will foster the implementation of technologies based on the Industrial internet –the internet of things. Finally, both companies will share best practices on training and human resources.