At the moment, Petroleos Mexicanos (Pemex) is facing a steep decline in production from their cash cow, the Cantarell oil field. They are looking for partners to find and exploit the deepwater Perdido fields in the Gulf of Mexico. US oil firms are already lined up to drill our side of Perdido in 2010. China has both the cash and the demand for oil, so it would make sense that such a partnership may be in the offing.

Pemex says there are at least two oil fields that straddle the border in the Perdido area, and that oil and natural gas could flow to U.S. wells unless Pemex starts to drill on its side of the border. These fields are under over 8,000 feet of water.

This is a problem for Pemex, which doesn't have the equipment or experience to drill in waters deeper than 3,000 feet.

http://www.rigzone.com/news/article.asp?a_id=63082