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Mexico to team up with firms for deep water oil

Pemex CEO José Antonio González Anaya speaks during a press conference in Mexico City, on June 10, 2016In a historic first, Mexico’s struggling state-run Pemex energy company will team up with private firms for a deep-water oil project, officials said Friday. Pemex will “farm out” the $11 billion Trion field in the Gulf of Mexico, which has potentially 480 million barrels of light crude, said company director general Jose Antonio Gonzalez Anaya. “For the first time in its history, Pemex won’t assume the geological and financial risks alone,” Energy Minister Pedro Joaquin Coldwell said at a news conference.

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