Juicy Contracts From Pemex

Mexican state-run oil monopoly Pemex next year will allow private contracts for oil well drilling for the first time, offering $6 billion of business to independent companies, Pemex?s CEO Luis Ramirez said.

Pemex will offer $1 billion of contracts in the first quarter to drill onshore for oil near the city of Poza Rica. Under the contracts, Pemex will receive the oil produced at a set price and then sell it on international markets or refine it for sale as fuel.

The costs of exploration and production will be set by the drilling companies.