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Mexico's Pemex seeks to tap U.S. shale

Monday, August 19, 2013

Pemex, Mexico's state oil monopoly, will set up a new company to explore and produce shale gas and deep-water oil in the U.S.

The proposal, outlined by Chief Executive Emilio Lozoya in an interview, would push Pemex into complicated drilling techniques where it has no experience.

t is a bold move abroad for the inward-looking company, which is the world's fifth-largest crude producer but has never faced competition nor ventured far beyond its borders.

Source: The Wall Street Journal