Pemex, Nexen sign collaboration agreement

By OGJ editors
HOUSTON, Oct. 8 -- Mexico's Petroleos Mexicanos (Pemex) and Canada's Nexen Inc. have signed a 5-year agreement for general collaboration in research, training, and oil and gas exploration and production, particularly in offshore deep water and in coalbed methane.

The shared resources, Pemex said, will play a valuable role in determining new strategies for its resource development. The company hopes to mitigate declining yields from its shallow water Cantarell field with development of deepwater operations in the Gulf of Mexico—a feat that may be difficult for the company to attempt alone, analysts say.