Petrobras and Pemex have signed a non-binding memorandum of understanding to cooperate on exploration, production, refining, and industrial energy processes. The two-year framework targets joint evaluation of opportunities in the Gulf of Mexico, including deepwater blocks and mature fields requiring enhanced recovery, with Petrobras contributing ultra-deepwater expertise and Pemex offering operational experience in legacy assets. The agreement also covers downstream collaboration in refining, petrochemicals, and fertilizers, alongside structured technical knowledge exchange. Any future projects will require separate negotiations and regulatory approvals.
Petroleo Brasileiro Petrobras SA ADRPetrobras signs MOU to cooperate on Gulf of Mexico projects, potentially expanding its ultra-deepwater operations.
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Phillips 66Pemex signs MOU to cooperate on Gulf of Mexico projects, leveraging its legacy asset experience.