September 28, 2016 / 1:17 AM / 2 years ago

Mexico's Pemex to reduce stake in first deep water venture

MEXICO CITY, Sept 27 (Reuters) - Mexican state oil firm Pemex will cut its stake to 40 percent from 45 percent in the first planned joint venture with private companies to develop reserves in the Gulf of Mexico’s deep waters, the national oil regulator said on Tuesday.

Global oil majors are widely expected to bid in the December auction to help Pemex develop the Trion light oil field in the Perdido Fold Belt, which lies south of Mexico’s maritime border with the United States.

Pemex had proposed changing the bidding terms for the Trion field, a step that was subsequently approved by the Energy Ministry. Known as the CNH, the national oil regulator agreed to modify the terms for the tender on Tuesday evening. (Reporting by Adriana Barrera; Editing by Leslie Adler)

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