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ExxonMobil interested in Mexico oil … with a proviso

Thursday, June 28, 2012

ExxonMobil would be interested in investing in Mexico's oil and gas sector, but only if the Mexican government allows the company to own some energy reserves, its chief executive said on Wednesday.

Mexico's constitution bars outside exploitation of the country's oil resources, making joint ventures or profit sharing with private companies difficult.

But the country has been seeking to open the door to attract investment from foreign oil and gas producers to help tap the vast reserves there.

Source: Reuters