Brazil’s Petrobras and Mexico’s Pemex have signed a cooperation agreement aimed at exploring opportunities across the oil and gas value chain, including deepwater exploration in the Gulf of Mexico.
The agreement was signed in Rio de Janeiro by Petrobras Chief Executive Officer Magda Chambriard and Pemex Director General Juan Carlos Carpio Fragoso. According to BNamericas, the arrangement establishes a framework for technical and strategic cooperation in exploration and production, refining, petrochemicals, natural gas, and other energy-related activities.
One of the key areas of interest is the Mexican sector of the Gulf of Mexico, where Petrobras and Pemex will evaluate opportunities in deepwater and ultra-deepwater exploration. According to BNamericas, Petrobras has developed extensive expertise in offshore pre-salt developments in Brazil and the companies will assess how that experience could be applied in Mexican waters.
In addition to exploration and production, the companies said they will examine opportunities for collaboration in refining, petrochemicals, fertilizers, carbon capture and lower-emission fuels. BNamericas reported that these areas are part of the broader scope of cooperation.
The agreement follows several months of discussions between the Brazilian and Mexican governments. According to Reuters, earlier this year Brazilian President Luiz Inácio Lula da Silva proposed closer cooperation between the two state-owned energy companies, while Mexican President Claudia Sheinbaum indicated that both sides were working toward a formal partnership.
Petrobras has identified Mexico’s deepwater Gulf of Mexico acreage as an area of interest for international expansion, while Pemex has been seeking opportunities to strengthen its offshore exploration capabilities. Reuters reported that both companies see strategic value in the partnership.