Statoil on Monday was awarded oil exploration acreage offshore Mexico in partnership with BP and Total.
BHP was chosen as Pemex's partner in its Trion deep water Gulf project, the first time the Mexican oil firm will jointly share the risks and rewards of a potentially lucrative development.
Oil prices soared to their highest in over a month on the news of the deal.
Hoping to reverse slumping crude output, Mexico ended the decades-long monopoly of national oil company Pemex in 2013, opening the door to more private capital in the sector.
Pemex plans to ramp up crude processing to 920,000-960,000 barrels per day
In April, the government announced $4 billion in aid for the company. In February, the company had announced it was cutting $5.5 billion from its budget.
According to a Pemex official, 2.5% of Mexico's entire oil output is stolen, which translates to over 1 billion dollars in losses per year for the country.
Despite the positive news for the Mexican oil giant, Mexico's oil output has fallen for a dozen years since hitting a peak in 2004
The joint venture will cover Pemex's Ayin and Batsil fields off the coast of Campeche state, which contain 46 million barrels of oil equivalent in proven reserves.
Exports will depart to the US from the Salina Cruz port in Oaxaca