Mubadala Petroleum, PEMEX sign MOU for Mexican energy development

Mubadala Petroleum, a wholly owned subsidiary of Mubadala Development Co., and Petroleos Mexicanos (PEMEX) have signed an memorandum of understanding to “provide the basis for discussions between the two companies and their affiliates about potential opportunities in Mexico’s energy sector.”

As well as providing a framework for discussions to identify potential upstream exploration and production projects, the MOU identifies a number of broader areas for potential collaboration in the oil and gas midstream sector, and energy and power-related infrastructure that may be of interest to other Mubadala businesses, the companies said.

Musabbeh Al Kaabi, chief executive officer of Mubadala Petroleum, said, “This MOU is a first step to opening a concerted dialogue with PEMEX to look at collaborative opportunities in Mexico and reflects the strengthening relationship between the UAE and Mexico.”

Details of any specific opportunities and technical or commercial discussions will remain confidential between the two parties.

Late month, Mubadala, which operates a growing portfolio of producing assets in Southeast Asia, reported signing a nonbinding agreement with China National Petroleum Corp. that identified potential future collaboration in the upstream oil and gas sector outside of UAE. More specifically, the national operating companies are identifying onshore conventional projects, offshore development, and LNG projects for future cooperation (OGJ Online, Dec. 14, 2015).

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