Indian Firms Eye Mexican Oil, Gas Exploration Space

Indian companies are willing to participate in the exploration and production activities in Mexico including in deep water and unconventional resources, India’s petroleum Minister Dharmendra Pradhan told Mexican officials during his recent visit to the central American nation.

During the two-day official visit Pradhan held bilateral talks with his counterpart minister of energy of Mexico Pedro Joaquín Caldwell. He also met minister of economy Ildefonso Guajardo Villareal and CEO of national oil company of Mexico PEMEX Emilio Lozoya Austin. 

Mexico has recently opened up the energy sector for private and foreign participation. This has offered India opportunity for enhancing and diversifying bilateral energy cooperation, the ministry of petroleum said in a statement.

Presently, IOC, RIL and ESSAR buy about 6 MMT of crude oil from Mexico. ONGC Videsh has decided to open its office in Mexico City to pursue opportunities in upstream sector. It has also signed a MoU with PEMEX for cooperation in upstream sector. 

Pradhan also offered to help Mexico upgrade its refining sector, saying India has emerged as a modern refining hub with expertise to develop complex refineries in a most cost-effective manner, the statement added.