Chevron Corp. has joined forces with Petroleos Mexicanos (Pemex) and Japan’s Inpex Corp. to bid for the right to explore for oil and natural gas, the first time Pemex will partner with private companies to develop crude in the Gulf of Mexico.
Total SA joined forces with BP Plc and Norway’s Statoil in one group, and with Exxon Mobil Corp. in another. Eni SpA and Lukoil also joined up, and Anadarko Petroleum Corp. and Royal Dutch Shell Plc formed another group.
The Mexican government made a series of adjustments to sweeten the terms of the Joint Operating Agreement that Pemex will sign with potential partners to develop the Trion field. Pemex has pointed to partnerships as the road to its salvation since the government ended the company’s 76-year production monopoly in 2014.