Petrobras and Pemex sign agreement to evaluate oil, refining and fertilizer projects.

Petrobras and Petróleos Mexicanos (Pemex) signed a Memorandum of Understanding (MoU) on Tuesday (23) to establish strategic and technical cooperation aimed at evaluating, developing and eventually executing projects in the hydrocarbon industry. The agreement foresees the identification of joint opportunities in the areas of Exploration and Production (E&P), industrial processes and the exchange of experiences on regulatory and institutional aspects of the energy sector. According to the president of Petrobras, Magda Chambriard, the partnership could open new opportunities for the Brazilian company in the Mexican market. “This is a strategic cooperation instrument with significant potential for Petrobras, which can position the company as a partner of Pemex in a scenario of strengthening oil exploration and production in Mexico. We are interested in exploration in the Mexican Gulf of Mexico, in increasing production from mature fields and in industrial processes for refining, petrochemicals and fertilizers. Certainly, the partnership between the two state-owned companies will be beneficial for both countries,” she stated. In the E&P area, the companies will evaluate initiatives related to the revitalization of mature fields, seismic reprocessing, and exploratory opportunities in deep and ultra-deep waters, including assets located in the Gulf of Mexico. The agreement also contemplates the exchange of technical knowledge, technologies, and best practices, leveraging Petrobras' experience in highly complex offshore operations. In the industrial segment, the memorandum covers potential projects in refining, petrochemicals, fertilizers, natural gas processing, and liquid recovery. Cooperation may also involve initiatives focused on energy efficiency, emissions reduction, carbon capture and storage (CCS), and the production of lower-carbon fuels. Furthermore, the companies will share experiences related to operational safety, asset reliability, and environmental protection. The memorandum will have an initial validity of two years, with the possibility of renewal. The document does not establish binding investment commitments nor create any partnership, consortium, or joint venture between the companies. Any projects identified during the cooperation will depend on specific negotiations, economic and technical feasibility analyses, as well as the internal and regulatory approvals required by each company.

This text was translated by machine from Brazilian Portuguese.