The Mexico City office was established in 2001 in order to seek commercial opportunities in the Mexican oil and gas sector.

A Cooperation Agreement was created in August of 2002 and renewed in September of 2007 between Petroleos Mexicanos (PEMEX) and Statoil, which established the sharing of both technical and scientific information in accordance with Mexican legislation.

Statoil continues to work with PEMEX under this agreement, and several mutually beneficial technical projects have developed. One of these is the Tres Hermanos Project, which is a CDM (Clean Development Mechanism) project under the Kyoto Protocol. The project includes recovering and transporting associated gas which would otherwise be flared from the Tres Hermanos oil field.

With our National Oil Company (NOC) heritage, our deep water experience and our advanced technological profile, Statoil seeks future cooperation with PEMEX under the 2008 Energy Reform. Pemex has completed one onshore bid round under the new integrated service contract regime with 3 rounds to come. Statoil is awaiting the deepwater round (round number 4) announced by Pemex to occur in 2012. Statoil believes that the deepwater regions of Mexico could hold a large yet-to-find hydrocarbon potential.