What is the main geological target and technical challenge of the Mexico-Brazil Gulf of Mexico drilling collaboration?

The main geological target is the Jurassic source rock layer in the Mexican sector of the Gulf of Mexico, which is buried deeper than existing U.S. Gulf fields and geologically eight times older; the key technical challenge is its extreme depth and the high-risk nature of drilling through salt layers in ultra-deepwater conditions, as demonstrated by Pemex’s 2018 non-productive 7,800-meter well in Campeche Bay.

What does the June 2024 memorandum of understanding between Pemex and Petrobras specifically aim to achieve—and what is its legal status?

The memorandum establishes a strategic technical cooperation framework to jointly assess and develop deepwater and ultra-deepwater projects, particularly focusing on sharing expertise in complex offshore operations—especially salt-basin exploration—gained from Petrobras’ two decades of experience in Brazil’s Santos and Campos basins; however, it is explicitly a non-binding framework agreement with no mandatory investment obligations.

Mexico and Brazil Partner on Gulf of Mexico Drilling Project

Aug 26, 2026

PEMEX and Petrobras signed a strategic cooperation agreement to explore deepwater Jurassic reservoirs in the Gulf of Mexico. Leveraging Petrobras' salt-layer expertise, the project aims to mitigate risks and potentially unlock new oil reserves for Mexico.

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