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KUALA LUMPUR: Petroliam Nasional Bhd (Petronas) Saturday announced that it has signed agreements with the national oil company of Mexico, Petróleos Mexicanos (Pemex), and the national oil company of Argentina, Yacimientos Petrolíferos Fiscales (YPF). Its president and group chief executive officer (CEO), Tan Sri Shamsul Azhar Abbas, signed a memorandum of understanding (MOU) and Cooperation with the director general of Pemex, Emilio Lozoya Austin, on Sept 25, 2014.

The MOU would further business opportunities and mutual co-operation between the two national oil companies, Petronas said it its statement today.

With this, Petronas and Pemex would explore appropriate mechanisms through which there would be an exchange of experience, knowledge and best practices for activities related to deepwater projects, matured fields, heavy and extra heavy crudes, it said.

Petronas said the MOU would also explore the possibility to develop projects related to natural gas and infrastructure.

"Both national oil companies are also committed to achieve sustainable hydrocarbon development as well as environmental protection in their activities," it said.

Petronas and Pemex also signed a tripartite MOU and Co-operation with YPF which was represented by its CEO, Miguel Galuccio.

The MOU covered the sharing of experiences and best practices related to exploration and production of oil and gas, it said.

"Petronas has always believed in the importance of having the right partners for growth. These MOUs will hopefully provide a strategic platform for growth to complement and provide optionality to our North American resource base," said Shamsul. – Bernama