Indian Reliance Industries (RIL) has joined forces with Mexico’s national oil company Petroleos Mexicanos (PEMEX) to share oil and gas expertise, as well as to exchange experiences on environmental and social responsibility front.
The two companies signed a Memorandum of Understanding (MOU) which specifies that 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.
The Memorandum means that RIL will share its pioneering expertise in deepwater development and best practices in East Coast of India as well as its experience in shale gas in United States.
RIL announced in October that it wishes to relinquish its 45 per cent stake in the Eagle Ford basin shale oil and gas venture in the US for an estimated USD 4.5 billion. At the time analysts speculated that Reliance might have decided to focus more on shale deposits in India.
“RIL was more interested in learning the ropes of shale gas development and business. India has good shale gas potential and private companies like Reliance will gain with their experience when the field is opened up in India,” P Phani Sekhar, fund manager (PMS) at Angel Broking said at the time.
It seems that it is this very expertise that RIL is trying to put to use in its deal with 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 statement issued by the both companies said.
As India Express reports, his is the second partnership announced by RIL in the Americas, with the first one being in Venezuela, where the company had signed a similar understanding Petroleos de Venezuela in October 2013.
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