Oil major Chevron and state-owned Pemex have signed an MOU (Memorandum of Understanding) to explore opportunities for collaboration in deepwater and heavy oil fields.
The companies signed the document in Mexico City, which will provide the opportunity to work jointly across a wide range of projects which could be beneficial for both.
Pemex said it would also include examining the issues related to reducing emissions of greenhouse gases.
The agreement also calls for joint activities to help develop human resources and improve workplace safety.