President Enrique Peña Nieto ended his three-day state visit to the United Kingdom on Thursday by signing deals designed to pave the way for greater British participation in Mexico’s oil sector.
Specifically, the U.K government will provide Mexican energy firms with a US$1 billion credit line for buying British technology.
While in Aberdeen, Scotland on Thursday, Peña Nieto met with representatives of several companies that specialize in extracting oil from the North Sea. A year after he took office in 2012, he initiated reforms that have opened up the Mexican energy sector to foreign investment. While Mexico is known to have billions of barrels in new potential oil reserves deep beneath the Gulf of Mexico, it lacks experience in deep-water drilling.