Pemex, CNPC sign MOU for cooperation

Officials of Petroleos Mexicanos and China National Petroleum Corp. have signed a memorandum of understanding for cooperation in oil and natural gas.

The signing came during a state visit to China by Mexican President Enrique Pena Nieto, who mentioned legislative efforts to open areas the Mexican oil and gas business now closed to outside investment. Mexico’s constitution precludes foreign participation in exploration and production.

CNPC Pres. Xhou Jiping, who signed the memorandum with Pemex Chief Executive Officer Emilio Lozoya Austin, said CNPC would make available enhanced oil recovery technology for mature Mexican oil fields.

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