Pemex to Offer 1st Gulf Contracts After BP Oil Spill
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Petroleos Mexicanos, Latin America’s largest oil producer, expects to hire foreign oil companies for the first time to explore and produce in the Gulf of Mexico as it seeks to arrest a five-year decline in output.
The Mexico City-based company plans to offer four exploration and production contracts as early as September and a further three contracts by the end of the year, Carlos Morales, chief of exploration and production, said in a telephone interview. Bonuses will be paid based on the volume and speed of oil recovered and the safety of the projects, he said.