RIL, Pemex join hands to explore oil & gas opportunities in Mexico

Reliance Industries Ltd has signed a pact with Mexico's national oil company Petroleos Mexicanos (Pemex) to explore potential upstream oil and gas business opportunities in that country. The deal comes as Mexico is reforming the energy sector that will end Pemex's decades-long monopoly.

Pemex and Reliance, controlled by Mukesh Ambani, will also explore international markets for value-added opportunities.

The MoU marks further strengthening of the long-standing relationship between RIL and Pemex. It will help RIL expand its international reach.

As per the agreement, both the companies will share expertise and skills the oil and gas industry including for deep-water oil and gas exploration and production.

RIL will also provide technical support and share its experience with Pemex for refining value maximisation and technical optimisation.

Pemex also signed an agreement in September with ONGC Videsh Ltd, the overseas business unit of India's state-run Oil and Natural Gas Corporation Ltd, to explore opportunities in Mexico's hydrocarbon sector.

Reliance Industries, which has a turnover of $74.5 billion, has acquired around 45 oil and gas exploration blocks in India since 1999. It has been looking for global opportunities. In May, the company struck two deals in Myanmar. 

Currently, RIL is looking to sell its 49.9 per cent stake in Eagle Ford Shale (EFS) midstream venture.

Shares of RIL closed at Rs 957.70 each, down 0.09 per cent on BSE in a weak Mumbai market on Friday.

(Edited by Joby Puthuparampil Johnson)

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