Today, Petrobras and Petróleos Mexicanos (Pemex) signed a Memorandum of Understanding (MoU) aimed at establishing strategic and technical cooperation between the two companies, in order to jointly assess, develop, and implement projects in the oil and gas sector. The partnership includes the development of opportunities in the areas of exploration, production, and industrial processing, as well as the exchange of expertise and know-how on the regulatory and institutional aspects of the sector.
“This is a strategic cooperation agreement with significant potential for Petrobras, which can position our company as a key partner for Pemex during a period of increased exploration and production of the oil sector in Mexico. We are interested in exploration in the Gulf of Mexico, increasing production in mature fields, and industrial processes related to refining, petrochemicals, and fertilizers. The alliance between the two state-owned companies will undoubtedly be advantageous for both countries,” said Magda Chambriard, President of Petrobras.
Pemex CEO Juan Carlos Carpio Fragoso stated that “the signing of this Memorandum of Understanding opens up opportunities for cooperation that will benefit both companies and countries, as well as their people. It establishes a framework for strategic and technical collaboration to jointly assess, develop, and implement potential, full-scale projects in oil and gas exploration and production. It also opens the possibility for new discoveries and opportunities to optimize and increase production in deepwater fields, heavy- and extra-heavy-oil deposits, mature fields, and potential pre-salt reservoirs in the Gulf of Mexico. It also offers new opportunities in activities related to industrial processes such as refining and petrochemicals.”
In the exploration and production sector, both companies will consider initiatives that aim to revitalize mature fields, conduct seismic reprocessing, and pursue exploration and development opportunities in deepwater and ultra-deepwater regions, including assets located in the Gulf of Mexico. The partnership also includes the exchange of technical expertise, technologies, and best practices, drawing on Petrobras’s recognized experience in highly complex offshore operations.
Within the industrial sector, the MoU covers opportunities for cooperation in refining, petrochemicals, fertilizers, gas processing and liquids recovery, energy efficiency, emissions reduction, carbon capture, and the production of lower-carbon fuels, as well as the exchange of best practices related to safety, operational reliability, and environmental protection.
The MoU will remain in effect for two years and may be subject to renewal. The agreement does not constitute a binding investment commitment nor does it create a partnership, consortium, or joint venture between the parties. Any opportunities that are identified may be the subject of future negotiations and will be contingent upon the signing of specific instruments, taking into account feasibility studies, approvals from the relevant authorities, and the governance rules applicable to each party.