A client-contractor partnership and new seismic technology help Pemex achieve effective deepwater E&P ///
The business model for exploration in the Mexican waters of the Gulf of Mexico is, by necessity, very different from that in U.S. waters. By law, all hydrocarbons in Mexican territory belong to the state, so there are no operating international oil companies, and therefore no sharing of exploration costs. In U.S. waters, multi-client surveys are common practice and allow expensive high-end technologies, such as wide-azimuth acquisition, to be used economically. By contrast, in Mexican waters, Pemex must bear the full cost of employing such techniques.
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