Chevron First Major Oil Producer Seeking Pemex Partnerships

Chevron Corp., the world’s third-largest energy company by market value, became the first major international oil producer to reveal partnership plans with state-run Petroleos Mexicanos since Mexico signed landmark legislation to reopen its doors to foreign producers.

Chevron, which operates several rigs on the U.S. side of the Gulf of Mexico, is in talks with Mexico City-based Pemex for exploration opportunities in deepwater, shallow water or shale, Ali Moshiri, Chevron’s president of Latin America and Africa, said today during a conference in Mexico City. Chevron produces more crude in the U.S. section of the Gulf of Mexico than anyone except Royal Dutch Shell Plc and BP Plc, according to the U.S. Interior Department.