Reliance, Pemex JV for potential upstream oil and gas business opportunities in Mexico

MUMBAI, INDIA: Reliance Industries Limited (RIL) and the Mexican state owned company, Petroleos Mexicanos (Pemex) have entered into a Memorandum of Understanding (MOU). As per the MOU, RIL will cooperate with Pemex for assessment of potential upstream oil and gas business opportunities in Mexico and jointly evaluate value added opportunities in International Markets.

RIL and Pemex will also share expertise and skills in the relevant areas of oil and gas industry including for deep-water oil and gas exploration and production. The MOU envisages sharing of RIL’s pioneering expertise in deepwater development & best practices in East Coast of India and RIL’s experience in shale gas in United States.

RIL will also provide technical support and share experience with Pemex for refining value maximisation and other technical optimization strategies. RIL and Pemex will also collaborate to exchange experiences on environmental and social responsibility front.

The signing of the MOU marks further strengthening of the long standing relationship between RIL and Pemex.

RIL’s cooperation with Pemex is in line with its growth strategy to explore opportunities to expand its international asset base in regimes having internationally attractive competitive terms. The company hopes to leverage its organizational capabilities and expertise to create long term value for Exploration and Production Business and for RIL on the whole.

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