The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Mexico / AFP
In a historic first, Mexico’s struggling state-run Pemex energy company will team up with private firms for a deep-water oil project, officials said.
Pemex will “farm out†the $11 billion Trion field in the Gulf of Mexico, which has potentially 480 million barrels of light crude, said company director general Jose Antonio Gonzalez Anaya.
President Enrique Pena Nieto pushed through a landmark reform in 2014 that ended Pemex’s seven-decade monopoly, reopening the oil and gas sector to private investors.
Pemex posted $30.3 billion in losses in 2015 while production has dropped from 3.4 million barrels per day to 2.27 million in 2015.