Pemex, Nexen sign collaboration agreement

MEXICO CITY, Oct 5 (Reuters) - Mexican state oil monopoly Pemex signed a noncommercial collaboration agreement with Canadian energy company Nexen Inc. (NXY.TO: Quote, Profile, Research) on Friday to pool know-how in areas including deepwater drilling.

The five-year deal means the two companies will collaborate in training and share research into best practices in oil and natural gas exploration and production, and resource development, they said in a joint statement.

Pemex, which is banned by law from forming profit-sharing partnerships in Mexico's oil and gas sector, has signed similar agreements with companies like Royal Dutch Shell (RDSa.L: Quote, Profile, Research), BP Plc (BP.L: Quote, Profile, Research) and Petrobras (PETR4.SA: Quote, Profile, Research)(PBR.N: Quote, Profile, Research).

Despite the fact they can't directly invest in Mexican oil and gas, foreign energy companies are nurturing good relations with Pemex in case there is a loosening of restrictions under conservative President Felipe Calderon who has pushed two key economic reforms through Congress in under a year.

Analysts see Pemex under pressure to develop deepwater operations in the Gulf of Mexico as yields decline at its main shallow water oil field Cantarell, but say it is hard pushed to do so alone.

Nexen is Canada's No. 4 independent crude oil explorer.