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Indian companies are willing to participate in the exploration and production activities in Mexico, including the deep water and unconventional resources, Petroleum and Natural Gas Minister Dharmendra Pradhan told Mexican officials during his recent visit there.
Pradhan also asked the Mexican side to approach Indian engineering, procurement and construction as well as infrastructure companies for building refineries.
The Mexican Energy Minister, Pedro Joaquín Caldwell, and PEMEX Chief Executive Officer Emilio Lozoya Austin have invited Indian investments in all areas of the hydrocarbon sector.
The two sides also agreed to set up a Joint Working Group on hydrocarbon at the official level to identify concrete areas of cooperation in the sector.
Currently, Indian Oil, Reliance Industries and Essar buy about 6 million tonne of crude oil from Mexico.
Pradhan informed the Mexican officials that India is trying to diversify its import sources of energy and more than 20 per cent of crude imports is currently sourced from Latin America.
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