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Tuesday, July 22, 2008

Pemex May Drill Abroad for First Time If Reforms Fail.

Bloomberg, July 22, 2008 - “Petroleos Mexicanos, struggling as oil production declines, may drill for crude outside Mexico for the first time unless lawmakers approve hiring foreign partners for domestic offshore projects. Chief Executive Officer Jesus Reyes Heroles said the company, known as Pemex, may court partners on the U.S. side of the Gulf of Mexico, off the coast of Cuba and in Latin America unless Congress adopts oil reforms proposed by President Felipe Calderon. Pemex needs foreign help because it doesn’t have the technology to drill in water deeper than 500 meters (1,640 feet), he said.” Read more.

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