Petrobras and Pemex have signed a Memorandum of Understanding covering cooperation in exploration and production, industrial processes, and regulatory knowledge exchange in Brazil and Mexico’s hydrocarbons sector.
The agreement was signed on 23 June 2026 and will remain valid for two years, with an option for renewal. It does not represent a binding investment commitment and does not establish a partnership, consortium, or joint venture between the companies.
Under the MoU, Petrobras and Pemex will assess opportunities in exploration and production, including mature field revitalization, seismic reprocessing, and exploration and development prospects in deepwater and ultra-deepwater areas, including assets in the Gulf of Mexico.
Magda Chambriard, CEO of Petrobras, said the agreement may support cooperation with Pemex as Mexico strengthens oil exploration and production. She also cited Petrobras’ interest in the Mexican side of the Gulf of Mexico, mature field production, refining, petrochemicals, and fertilizers.
Juan Carlos Carpio Fragoso, Director General of Pemex, said the MoU provides a framework for technical and strategic collaboration in hydrocarbon exploration and extraction, including deepwater areas, heavy and extra-heavy oil, mature fields, and pre-salt potential in the Gulf of Mexico. He also referred to cooperation in refining and petrochemicals.
The companies will also exchange technical knowledge, technologies, and best practices, including offshore operational experience held by Petrobras.
In industrial processes, the MoU covers refining, petrochemicals, fertilizers, gas processing and liquids recovery, energy efficiency, emissions reduction, carbon capture, and lower-carbon-intensity fuels. It also includes safety, operational reliability, and environmental protection practices.
Any opportunities identified under the MoU will require separate agreements, feasibility reviews, approvals by competent authorities, and compliance with each company’s governance rules.
