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Mexico, Brazil Leaders Discuss Potential Oil-Sector Ventures


SANTIAGO, Chile--The leaders of Brazil and Mexico have agreed to create a working group to study technology exchange and potential projects between the government-run oil companies of both nations, Mexican president Enrique Pena Nieto said Saturday.

"We will explore these options," Mr. Pena Nieto said at a press conference after meeting with Brazilian President Dilma Rousseff.

Both leaders are in Santiago to attend a summit of the heads of state of the European Union and the Community of Latin American and Caribbean states, also known as Celac.

Mr. Pena Nieto said Petroleos Mexicanos (PEM.YY) and Petroleo Brasileiro SA (PBR, PETR4.BR) could "explore potential alliances" to develop projects and exchange technology.

Petrobras, as Brazil's oil company is also known, has expanded aggressively through offshore, deep-water oil exploration in partnership with foreign oil majors.

Mr. Pena Nieto, who was elected last year, is seeking to reform the country's energy regulations, as local oil monopoly Pemex has faced significant funding constraints to conduct capital-intensive, deep-water exploration projects in the Gulf of Mexico.



Published Monday, January 28, 2013 4:30 PM by Gloria Davalos


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