South Korea will transfer its technology for offshore drilling facilities to Mexico, a move that could open new opportunities for Seoul to take part in the latter’s future oil development projects, a state think tank said Wednesday.

Under an agreement signed between the Korea Ocean Research & Development Institute and Mexico’s national petroleum institute IMP, KORDI will transfer its technology, including for floating drilling facilities, to the Mexican research center in the next three years.

The deal worth $2.37 million also entitles the South Korean institute to Mexico’s joint oil and gas development projects for seven years following the completion of the transfer, it said.

KORDI said the deal came at the “strong” request from the Mexican institute.

“Despite its vast amounts of oil and gas reserves, Mexico has been facing difficulties in exercising control over its own oil and gas mines due to its lack of technology,” KORDI said in a press release.

“We, on the other hand, have developed advanced technologies for offshore plants but have been unable to make headway in the global market largely dominated by leading countries such as the United States and Europe.” (Yonhap News)