Petroleos Mexicanos (Pemex), Mexico’s state-owned oil company, expects to sign its first exploration and production agreement with international companies as early as the end of the year after Mexico ended its 75-year monopoly.
Pemex will initially focus on mature and deep-water fields to establish the ventures, according to CEO Emilio Lozoya.
Possible accusations in the refining, transportation and petrochemical businesses can be done once congress approves the so-called secondary legislation, which is expected in April.
The overhaul may bring an additional $20 billion in foreign direct investment as early as 2015, according to Bank of America.
Pemex expects to start new wells in the next few months, helping the company boost its oil output to 2.6 million barrels a day. That’s compared to its current output of 2.503 million barrels a day, according to the company.