PEMEX, Honduras Sign Memorandum of Understanding
PEMEX announced that it signed a Memorandum of Understanding (MOU) with Honduras, aligned with President López Obrador’s commitment to help the Central American country to develop its oil industry. Octavio Romero Oropeza, CEO, PEMEX and the Minister of Energy of Honduras, Erick Tejada, signed the agreement following a deal between López Obrador and Xiomara Castro de Zelaya, the President of Honduras.
The MOU allows both countries to carry out an exchange of experiences and good practices related to industrial security, development, and the use of technology, as well as academic, scientific and technical cooperation.
In 2022, López Obrador visited Tegucigalpa to hold a first meeting with President Castro, during which they strengthened ties regarding technical exploration and the production of hydrocarbons.
“Honduras will maximize its knowledge about oil fields with the support of PEMEX,” said Tejada, adding that during the meeting, several agreements were proposed related to technical assistance, regulatory frameworks for hydrocarbons, environmental issues, exploration and production. “The institutions of Mexico and Honduras are taking important steps to deepen cooperation between the two countries,” added Tejada.
PEMEX said it will support Honduras’ petrochemical transformation. The MOU therefore aims to strengthen the country’s Hydrocarbons Direction with extensive experience of Mexico in the matter.
In May 2022, President López Obrador visited Honduras and said he would support the country in its bid to carry out oil exploration and exploitation in the Caribbean Sea and the La Mosquitia region. Honduras has five potential oil areas, of which two appear to be the most promising: Cuenca de Tela and La Mosquitia. In 2017, the English company CaribX explored the area. In 2020, it decided to invest US$20 million to study 17,500km2 of the sea and land basin of La Mosquitia.
As part of the agreement, both parties said they were interested to reactivate commercial maritime routes and develop an electric interconnection to the Central American Electrical Interconnection System (SIEPAC). The officials also agreed to share the best practices in terms of infrastructure and commerce to advance the construction of the Interoceanic Corridor of the Isthmus of Tehuantepec and the Dry Corridor in Honduras.