Read? Exclusive: Mexico's draft energy reform spans profit-sharing to licenses
Crude output at Pemex has fallen by a quarter since peaking at 3.4 million barrels a day in 2004, and its management says it needs a huge injection of capital.
Many Mexicans believe the plan is a covert bid to sell off the company, which remains a potent national symbol despite corruption scandals over the years.
CW8888: Is Pemex playing catch-up in partnership with Keppel ahead of this new development?