Jun. 24 at 12:02 AM
Brazil’s Petrobras and Mexico’s Pemex signed a non-binding memorandum of understanding to cooperate on oil exploration, production, refining, natural gas, petrochemicals, and related energy projects. The partnership will focus in part on shallow- and deepwater opportunities in the Gulf of Mexico, where both companies see potential to expand reserves and boost long-term production.
For Pemex, the agreement offers access to Petrobras’ world-class expertise in deepwater drilling as the Mexican state oil company struggles with roughly
$80 billion in debt, declining output, and aging oil fields. Petrobras, meanwhile, is seeking new reserves beyond Brazil to sustain future growth as it looks to extend the success of its offshore pre-salt discoveries.
Executives from both companies said they will evaluate opportunities in deepwater exploration, mature oil fields, heavy crude production, natural gas, refining, fertilizers, petrochemicals, and even clean-energy initiatives.
$PBR