Oil Industry Headlines: Week of February 1
Mexico’s state-owned oil company, PEMEX, recently signed two extension agreements with Exxon Mobil Corp. Due to a constitutional ban on foreign investment in the country’s oil sector, the accord only allows for non-commercial collaboration efforts on exploration research and development. The two entities plan to “share experiences in electromagnetic soundings to reduce exploratory risk in deep water,” reported the Dow Jones Newswire. The ban on investment is expected to be reconsidered sometime this year, which could open the door for further collaboration between PEMEX, Exxon and other oil majors.
“The Iraqi Oil Ministry has accused Iran of stealing oil from a shared oil field under their common border,” reported the UK Press Association. The al-Fakkah field, which is in the Maysan province, is one of the country’s most prolific. Another point of contention is Iraq’s accusation that Iran is “illegally seizing and capping off wells in a second field that Iraq claims lies entirely within its territory.”
Published Thursday, February 7th, 2008 at 4:37 pm and filed under Industry News.