Mexico
Pemex and Petrobras to Sign Major Oil and Gas Cooperation Agreement
Mexican and Brazilian state oil giants target joint deep-water exploration and production ventures.
On Tuesday, Mexico’s state-owned oil company Pemex and Brazil’s partially public-own Petrobras will sign a memorandum of understanding for strategic and technical cooperation projects within the oil and gas industry. The agreement will encompass opportunities in exploration, production, and industrial processes.
The signing will take place in the Brazilian Senate Building in Rio de Janeiro, and will be attended by the President of Petrobras, Magda Chambriard, the CEO of Pemex, Juan Carlos Capio Fragoso, and other executives from both companies, Petrobras reported.
On Friday, President Claudia Sheinbaum noted during her daily morning press conference that, in addition to the Pemex committee traveling to Brazil for the signing of this “legal mechanism to have a closer collaboration with Petrobras,” a team of the Secretariat of Energy will also be present. She then highlighted that once memorandum of understanding is signed, intensive work between Pemex and Petrobras will begin.
Weeks prior, President Sheinbaum noted that Petrobras has advanced technology for deep-water and ultra-deep-water exploration. She highlighted the objective of signing this cooperation agreement is to work jointly on exploration so that, later on, both companies can move towards a joint venture for the shared exploitation of certain wells.
The committees of Pemex and the Secretariat of Energy will head to Brazil this Monday.
Image: Gemini AI
Voice of Mexico
