Pemex plans new company for US shale, deepwater exploration

Mexican state oil monopoly Petróleos Mexicanos (Pemex) has reported that it plans to form a new company by the end of 2013 for the exploration of shale gas and deepwater crude in the US.

Pemex CEO Emilio Lozoya said the new company will represent Pemex’s first step in its quest to eventually become an international oil company, following proposed legislation in Mexico that would allow private companies to share in oil profits for the first time in 75 years. The government hopes to increase Mexico’s energy production and further open up oil and gas fields in deepwater areas of the Gulf of Mexico and in shale plays where oil majors have been active.

Pemex currently has a stake in a Deer Park, Texas, refinery via a joint venture with Royal Dutch Shell Plc.

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