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Report: Mexico's Pemex to offer deepwater JVs to Chevron, other partners

Mexico's state-controlled oil company Petróleos Mexicanos SA de CV will propose joint ventures to its partners for deepwater blocks acquired during an auction in January, Reuters reported March 5, citing a statement from the company's director.

The Mexican company, commonly known as Pemex, plans to begin negotiations with oil companies such as Chevron Corp. and the Australian energy producer BHP Billiton Group, both of which are Pemex's partners in existing oil and gas projects, Director Carlos Trevino told Reuters during the CERAWeek energy conference put on by IHS Markit in Houston.

The company has been having difficulty finding partners interested in the joint ventures, which Mexico attributed to competition from Brazil's offshore offerings and low oil prices, as well as certain costs Pemex incurred that would transfer to the potential partners, the report said.

Mexico in 2014 opened up its energy sector to participation from private and foreign energy companies, ending Pemex's 75-year monopoly, in an effort to draw foreign investment and raise capital for its energy agenda.