What are the main areas of cooperation agreed upon between Pemex and Petrobras?

Pemex and Petrobras signed a non-binding memorandum of understanding to cooperate on exploration and production—including in shallow and deep waters of the Gulf of Mexico—as well as refining, natural gas, petrochemicals, fertilizers, gas processing, clean energy, and industrial safety.

Why is this partnership strategically important for Pemex and Petrobras respectively?

For Pemex, the partnership offers access to Petrobras’ world-class deepwater expertise amid its struggles with huge debts, declining output, and inefficiency; for Petrobras, it represents an opportunity to expand its international upstream portfolio and secure long-term reserves beyond Brazil’s pre-salt basin.

Pemex and Petrobras to Team Up on Oil and Refining Projects

Jun 23, 2026

Pemex and Petrobras have signed a memorandum of understanding to collaborate on oil exploration, refining, and petrochemical projects across Latin America. The partnership aims to boost reserves and leverage deepwater expertise in the Gulf of Mexico.

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