1/24/14, "Mexico draws over $7 billion in foreign investment at Davos," Reuters, by Martinne Geller and Dmitry Zhdannikov
"Mexican state-run company Pemex will sign a cooperation memorandum with Russia's No.2 oil producer Lukoil (LKOH.MM)
on Friday, Pemex chief executive Emilio Lozoya told Reuters, as the
country is opening up its energy sector in a move to boost production.
said that Pemex and Lukoil would share information on the deep water
and shale deposits that Mexico currently lacks the expertise to tap.
planned cooperation between Lukoil and Pemex comes after Pena Nieto
last month signed a bill into law that ended the country's 75-year-old
oil and gas monopoly.
legislation, which is still being mapped out, foreign companies will be
able to enter the sector as Pemex is seeking to bring in expertise and
"There are dozens
of new players who now come and look at the opportunities that are
opening up in Mexico," Pemex CEO Lozoya said.
said he met with various companies in Davos that expressed interest in
exploration and production projects in Mexico as well as refining,
petrochemicals and transportation businesses that are now open to
As a private company, Lukoil is struggling to get large new deposits in Russia, including offshore, and is actively pursuing a foreign expansion to maintain its production levels."