The terms of a deal to develop a deep-water field off Mexico will be adjusted to create a more level playing field between state-run Pemex and its private project partners, a news report said.
Pemex’s stake in the Trion light oil field development will drop by 5% to 40% to ease concerns the deal was to heavily-weighted in its favour, Reuters reported.
Pemex will also be liable for any pre-existing damage at the site and will only be able to push for the removal of an operator if the company in question fails to address issues flagged by the regulator.
The seat of arbitration for disputes will also be moved to Calgary, Canada, instead of Mexico.
Mexico’s 2014 energy reform programme amended the constitution to permit private investment in the oil sector for the first time since 1938 to help ramp up output following years of decline.
But low oil prices have made it difficult for Mexico to find the investment it needs to develop its resources.