Petrobras eyes Gulf of Mexico opportunities through Pemex alliance

Petrobras Brazilian and Mexican state-owned oil and gas companies, Petrobras and Pemex, have signed a memorandum of understanding to establish strategic and technical cooperation for the joint evaluation, development, and execution of hydrocarbon industry projects. The partnership includes developing opportunities in exploration and production and industrial processes, as well as exchanging experiences on the sector’s regulatory and institutional aspects. In this segment, the companies will evaluate initiatives aimed at revitalising mature fields, seismic reprocessing, and exploratory and development opportunities in deep- and ultra-deep-water areas, including assets in the Gulf of Mexico. “We are interested in exploration in the Mexican Gulf of Mexico, in increasing production from mature fields, and in industrial processes for refining, petrochemicals, and fertilisers. Certainly, the partnership between the two state-owned companies will be beneficial for both countries,” said Magda Chambriard, Petrobras CEO. The partnership also includes the exchange of technical knowledge, technologies, and best practices, leveraging Petrobras’ recognised experience in highly complex offshore operations. “[The MoU] establishes a framework for strategic and technical collaboration to jointly evaluate, develop, and execute comprehensive and potential projects involving hydrocarbon exploration and extraction activities, aiming at new discoveries and opportunities to optimise and increase production in deepwater, heavy and extra-heavy oil areas, mature fields, and pre-salt potential in the Gulf of Mexico, as well as activities related to industrial processes such as refining and petrochemicals,” added Juan Carlos Carpio Fragoso, Pemex CEO. In the industrial area, the MoU covers opportunities for cooperation in refining, petrochemicals, fertilisers, gas processing and liquid recovery, energy efficiency, emissions reduction, carbon capture, and the production of lower-carbon fuels, as well as the sharing of best practices related to safety, operational reliability, and environmental protection. The MoU is valid for two years and may be renewed. Any identified opportunities may be subject to future negotiations and will depend on the execution of specific instruments, observing feasibility analyses, approvals by the competent authorities, and the governance standards applicable to each party. Bojan Lepic Bojan is an English language professor turned journalist with years of experience covering the energy industry with a focus on the oil, gas, and LNG industries as well as reporting on the rise of the energy transition. Previously, he had written for Navingo media group titles including Offshore Energy Today and LNG World News. Before joining Splash, Bojan worked as an editor for Rigzone online magazine. Read Next June 24, 2026 Norway offshore labour conflict escalates with lockout threat June 24, 2026 Nortrans flotel fixed for SBM’s Angola work June 24, 2026 ADES acquires Saipem’s Saudi drilling business in $285m deal June 24, 2026 Turkey unveils draft rules for first 1GW offshore wind auction June 24, 2026 Prysmian bags $1bn contract for Greek power links