Oil & Gas - Mexico

Pemex to go international, create US company

Pemex to go international, create US company

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In a bid to become a true international oil company, Mexico's national oil firm Pemex will create a subsidiary to operate in US shale and Gulf of Mexico deepwater plays.

In an interview with the Wall Street Journal, Pemex CEO Emilio Lozoya explained the move makes sense because, "the geology is similar and we can benefit from numerous areas of collaboration with international oil companies."

Lately, the executive has highlighted Mexico's failure to develop unconventional areas. In a speech July 30, Lozoya explained that Pemex had spud six deepwater and three shale wells in 2012 compared to 137 and 9,100 in the US in the same year, respectively...

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