Petrobras and Pemex sign MoU for E&P and industrial cooperation
- The companies signed an MoU on 23 June to establish strategic and technical cooperation for evaluation, development and joint execution of hydrocarbons projects.
- E&P cooperation targets revitalisation of mature fields, seismic reprocessing and exploration/development in deep and ultra-deep waters, including assets in the Gulf of Mexico, heavy and extra‑heavy oil areas and potential pre‑salt.
- Industrial scope includes refining, petrochemicals, fertilizers, gas processing, liquids recovery, energy efficiency, emissions reduction, carbon capture and lower‑carbon fuels, plus safety and environmental best practices.
- The MoU is non‑binding, valid for two years and renewable; it does not create a joint venture and any projects will require specific agreements, feasibility analyses and formal approvals.
Overview
On 23 June Petrobras and Petróleos Mexicanos (Pemex) signed a Memorandum of Understanding to establish strategic and technical cooperation for the evaluation, development and joint execution of projects in the hydrocarbons industry.
Exploration and production
The companies will evaluate initiatives aimed at revitalisation of mature fields, seismic reprocessing and exploratory and development opportunities in deep and ultra‑deep water areas, including assets located in the Gulf of Mexico. The MoU highlights collaboration on heavy and extra‑heavy oil areas and potential pre‑salt, and foresees exchange of technical knowledge, technologies and best practices leveraging Petrobras' offshore experience.
Industrial processes and terms
The agreement covers cooperation opportunities in refining, petrochemicals, fertilizers, gas processing and liquids recovery, as well as energy efficiency, emissions reduction, carbon capture and production of fuels with lower carbon intensity, together with sharing of safety, operational reliability and environmental protection practices. The MoU is valid for two years and may be renewed; it is non‑binding, does not constitute an investment commitment or create a partnership/consortium/joint venture, and any identified opportunities will depend on future specific agreements, feasibility analyses and the competent approvals and governance norms of each party.
Source: Petrobras
