TORONTO—Pacific Rubiales Energy Corp. said it has signed a three-year deal with Mexico’s state oil company, Petroleos Mexicanos, to explore the potential of future oil and gas and projects.
The memorandum of understanding will include discussions and analysis on a variety of possible projects including exploration, deep-water projects, revitalization of mature fields and other upstream activities.
“We expect Mexico will be a significant driver of future growth for Pacific Rubiales and are committed to further advancing our plans in the country,” Pacific Rubiales chief executive Ronald Pantin said.
Toronto-based Pacific Rubiales is a producer of natural gas and crude oil and has operations in Colombia, Peru, Guatemala, Brazil, Guyana, Belize and Papua New Guinea.
The news of Pacific Rubiales’ potential move into Mexico comes after legislation was passed there in August opening the nation’s state-run energy sector to private and foreign firms.