Pemex seeking farmout alliances for oil exploration

Mexico’s state-owned Pemex reported in its latest business plan it will seek ten farmout partnerships with other oil companies over the next two years. According to El Financiero on 3 November 2016, Pemex will seek alliances for exploration at several sites in 2017, including the Trión deep water bloc in the Gulf of Mexico, the Ayatsil-Tekel-Utsil complex, and seven areas on land. For 2018, Pemex aspires to create partnerships for dozens of sites, including shallow water blocs in northern Mexico as well as areas for gas exploration at the Burgos and Veracruz blocs. The plans for farmout agreements come days after Pemex posted a US$6 billion net quarterly loss (El Economista, 28 October 2016).