Mexico’s PEMEX Wants to Increase Cooperation With Russia’s Lukoil

23:14 GMT, 6 March 2018

HOUSTON (Sputnik) - Mexico’s PEMEX would like to expand its collaboration with the Russian energy giant Lukoil, PEMEX CEO Carlos Trevino told Sputnik on the margins of the CERAWeek energy conference on Tuesday.

Sputnik

"What we would like to do is to increase the relationship with the company that we already have," Trevino said referring to Lukoil.

Trevino also said that PEMEX is hopeful that Russia’s Lukoil will take part in the country’s bidding processes for both midstream and upstream business.

"I’m looking more in the upstream… maybe in the midstream because they have some very good experiences in the midstream," Trevino said when asked in what areas PEMEX would expand cooperation with Lukoil. "I hope we can have Lukoil participating in [as] many [bidding] processes as they can."

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PEMEX tries to have open and competitive bidding processes, the CEO added. If Lukoil wants to participate in Mexico, the company must participate in each process in midstream or in the upstream, he said.

Lukoil said in November that the two companies were planning to discuss the establishment of a joint alliance to implement new projects.

In November, Pemex discovered an oil field in the state of Veracruz estimated to hold more than 1.5 billion barrels of crude equivalent, representing 350 million barrels of proven oil reserves. The field was Pemex's largest onshore discovery in 15 years.