Mexico's President Courts Big Oil With End to State Monopoly
Petróleos Mexicanos, or Pemex as it’s known, is a laggard among state oil companies. Production from the huge offshore Cantarell field has been declining steadily. The Mexicans know there is plenty more gas and oil to be had, but Pemex lacks the in-house expertise and capital to drill in deep Gulf of Mexico waters or extract oil through hydraulic fracturing on land. The oil majors have little incentive to help, since they were kicked out 75 years ago.
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