Russian oil producer Lukoil said on November 13, 2017, it was vetting the possibility of teaming up with a Mexican company for work in the Gulf of Mexico.
Vagit Alekperov, CEO of Lukoil, said he was meeting with authorities of Pemex, to discuss a potential partnership for offshore oil in North America.
His announcement came after Washington enacted more sanctions on Russia, though the CEO said that was irrelevant.
«No, [sanctions] do not affect [this],» Alekperov was quoted by Tass.
Russian Energy Minister Alexander Novak said the sanctions are nothing new, relate mostly to foreign projects where Russian companies have more than a 35 % interest and deal only with new projects slated for a January start date.
The Kremlin said the sanctions are part of U.S. efforts to push deeper into the European energy sector.
Lukoil already has a stake in licenses in the Gulf of Mexico and plans to take on more holdings with a minority share.
The reforms could bring in up to $415 billion in investments over the next 20 years as the country establishes links to the rest of the world.
Mexico aims to produce around 3.5 million barrels per day by 2025.
Russia's move comes as the U.S. government aims to reconfigure the North American Free Trade Agreement with Mexico and Canada.