MEXICO CITY – State-owned oil giant Petroleos Mexicanos (Pemex) and Italy’s ENI signed a memorandum of understanding Thursday that opens the way for the firms to examine cooperation in natural gas exploration and production, refining and petrochemicals.The agreement, which was signed by Pemex CEO Emilio Lozoya and ENI chief Claudio Descalzi, “allows the exchange of experiences and practices, technological and operational,” Pemex said in a statement.
The energy companies agreed to work jointly to develop sustainable practices and take action to reduce emissions of pollutants.
The memorandum of understanding will allow the joint development of training and apprenticeship programs to help the companies meet their need for “highly specialized human capital,” Pemex said.
ENI, founded 60 years ago and based in Rome, operates in all segments of the energy industry and has a presence in 85 countries.
The Italian company, which currently produces about 1.5 million barrels of oil equivalent (boe) per day, has a representative office in Mexico.
Pemex recently signed an agreement with Kuwait’s KUFPEC to pursue oil and gas exploration and production opportunities.
President Enrique Peña Nieto signed a package of legislation over the summer to implement the December 2013 energy overhaul, which ended Pemex’s seven-decade monopoly over Mexico’s oil and gas industry.
Mexico’s oil production has fallen by nearly 25 percent from a high of 3.3 million barrels per day (bpd) in 2004 due to a sharp drop in output at the offshore Cantarell project, formerly Mexico’s most productive field, and a lack of investment.
The energy industry overhaul was aimed at reversing that decline by allowing private companies to develop crude reserves for the first time since 1938.
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