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TORONTO – Pacific Rubiales Energy Corp. (TSX:PRE.TONews) said Friday it has signed a three-year deal with Mexico’s state oil company, Petroleos Mexicanos, to explore the potential of future oil and gas and projects.

The memorandum of understanding will include discussions and analysis on a variety of possible projects including exploration, deep-water projects, revitalization of mature fields and other upstream activities.

“We expect Mexico will be a significant driver of future growth for Pacific Rubiales and are committed to further advancing our plans in the country,” Pacific Rubiales chief executive Ronald Pantin said.

Toronto-based Pacific Rubiales is a producer of natural gas and crude oil and has operations in Columbia, Peru, Guatemala, Brazil, Guyana, Belize and Papua New Guinea.