Mexico's state-run oil company Petroleos Mexicanos (Pemex) has indicated that it may take the unprecedented step of drilling for new crude reserves outside of its national borders should the existing laws concerning foreign workers not be changed.



According to the company's chief executive, Jesus Reyes Heroles, it needs to turn to outside help for deep water drilling operations as it currently lacks the necessary technology and skilled workforce.

However, since the oil sector was nationalised in 1938, Mexican law has prohibited foreign investment in the energy sector, a law Pemex has been arguing needs to be lifted so as to increase production and meet soaring consumer demand.

Under the company's proposals, foreign operators would be allowed to produce, refine and transport oil from the deep-sea fields, though they wouldn't actually own the reserves.

Mr Heroles claimed that outside help in training Mexican workers in deep-sea exploration is vital to the oil industry's future.

"If we can't learn it here, we have to learn somewhere else,'' he told Bloomberg.

"We could partner with other companies."

Should the recommendations not be acted upon, the company has suggested that it may start operations on the US side of the Gulf of Mexico, as well as off the coast of Cuba and other Latin American countries.

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