What specific opportunities in Mexico is Petrobras exploring with Pemex, and why does it consider the Mexican Gulf of Mexico attractive?

Petrobras is exploring opportunities in exploration and in operating mature oil fields alongside Pemex, particularly in the Mexican portion of the Gulf of Mexico, which its CEO Magda Chambriard described as underdeveloped—especially in ultra-deep waters, a technical specialty of Petrobras. She also noted that refining any resulting oil in Mexico would be logistically ideal due to proximity.

What is Petrobras's stance on potential involvement in Venezuela, and how advanced are its plans there?

According to CEO Magda Chambriard, Venezuela is on Petrobras's 'wish list', but the company remains in the early stages of evaluating potential opportunities there, with no concrete plans or progress disclosed beyond that initial interest.

Brazil's Petrobras Eyes Mexico Opportunities with Pemex Partnership

May 12, 2026

Brazil's Petrobras plans to partner with Mexico's Pemex for oil exploration and refining to replenish reserves and ensure fuel self-sufficiency. CEO Magda Chambriard highlighted underdeveloped Gulf waters and geopolitical price surges as catalysts for the deal.

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