Pemex to Invest $470M in Oil Technology

Mexico plans to invest $470m in technological development to aid its oil and gas search over the next five years, state-owned energy company Pemex said recently according to a Reuters report. Pemex, which has proven oil reserves to last about nine years, will reportedly put up most of the money, along with funding from state universities and the country's Petroleum Institute. Much of Mexico's possible reserves that could yield decades more oil are deep beneath the Gulf of Mexico. Pemex reportedly has a $12.5b budget for production and exploration this year. Pemex, which by law is the only company allowed to produce or explore for oil and gas in Mexico, has noncommercial cooperation agreements with Petrobras and other companies that seek to share technological know-how and experience. [Source: Reuters]