Fri Oct 5, 2007 12:06am BST
MEXICO CITY, Oct 4 (Reuters) – Mexican state oil monopoly Pemex said on Thursday it had signed a collaboration agreement with Royal Dutch Shell (RDSa.L: Quote, Profile, Research) to pool research and know-how to help them improve production yields.
The noncommercial agreement means the two companies will exchange studies and experiences in areas like oil and gas well productivity and recuperation rates.
It comes within a general cooperation agreement that Pemex and Shell signed in 2004, one of several such accords Pemex has with other oil companies like Britain’s BP Plc (BP.L: Quote, Profile, Research) and Brazil’s Petrobras (PETR4.SA: Quote, Profile, Research)(PBR.N: Quote, Profile, Research).
State-controlled Pemex is barred by Mexican law from forging profit-sharing alliances with private or foreign companies to explore for or produce oil or gas in Mexico.
Most foreign oil companies like to keep good relations with the Mexican giant, however, in case there is a loosening in the future of restrictions on foreign investment in Mexico’s oil and gas sector. (Reporting by Catherine Bremer)
© Reuters 2007. All rights reserved.
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