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Reliance Industries Limited (ticker: RIL) and the Mexican state owned company, Petroleos Mexicanos (PEMEX) have entered into a Memorandum of Understanding (MOU) regarding cooperation on potential upstream business opportunities in Mexico and the companies will jointly evaluate value added opportunities in international markets, according to a RIL press release.

RIL and PEMEX will also share expertise and skills in the relevant areas of the oil and gas industry including deep-water oil and gas exploration and production. The MOU envisages RIL sharing its experience in deepwater development and best practices from the East Coast of India, as well as RIL’s experience in shale gas in the United States.

In addition to providing expertise in deepwater and shale exploration and production, RIL will also provide technical support and share experience with PEMEX for refining value maximization and other technical optimization strategies.

The companies will also collaborate to exchange experiences on the environmental and social responsibility fronts.

RIL’s cooperation with PEMEX is in line with its growth strategy to explore opportunities to expand its international asset base in regimes having internationally attractive competitive terms.

Reliance is India’s largest privately held oil company. RIL reported revenue of $18.4 billion in the quarter ending September 30, 2014, according to the company’s quarterly report. Operating profit before income and depreciation increased by 10.8% on a year-over-year basis from $1.43 billion last year to $1.6 billion in the most recent quarter and the company reported a debt of $23 billion.

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Important disclosures: The information provided herein is believed to be reliable; however, EnerCom, Inc. makes no representation or warranty as to its completeness or accuracy. EnerCom’s conclusions are based upon information gathered from sources deemed to be reliable. This note is not intended as an offer or solicitation for the purchase or sale of any security or financial instrument of any company mentioned in this note. This note was prepared for general circulation and does not provide investment recommendations specific to individual investors. All readers of the note must make their own investment decisions based upon their specific investment objectives and financial situation utilizing their own financial advisors as they deem necessary. Investors should consider a company’s entire financial and operational structure in making any investment decisions. Past performance of any company discussed in this note should not be taken as an indication or guarantee of future results. EnerCom is a multi-disciplined management consulting services firm that regularly intends to seek business, or currently may be undertaking business, with companies covered on Oil & Gas 360®, and thereby seeks to receive compensation from these companies for its services. In addition, EnerCom, or its principals or employees, may have an economic interest in any of these companies. As a result, readers of EnerCom’s Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this note. EnerCom, or its principals or employees, may have an economic interest in any of the companies covered in this report or on Oil & Gas 360®. As a result, readers of EnerCom’s reports or Oil & Gas 360® should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.