Pemex and Petrobras Sign Cooperation Agreement for Gulf Deepwater Exploration

Petróleos Mexicanos (Pemex) and Petrobras signed a memorandum of understanding (MoU) on June 23, 2026, for technical cooperation in hydrocarbon exploration and production in deepwater areas of the Gulf of Mexico. The agreement, signed in Rio de Janeiro, carries an initial two-year term with renewal options and does not constitute a binding investment commitment or create a partnership between the parties.

Pemex currently produces 1.6 million barrels per day (mb/d), its lowest level in four decades and a 7% annual decline in 2025, according to Bloomberg Línea. Petrobras, at 2.4 mb/d in 2025 and the world leader in pre-salt reservoir exploitation, is looking to expand its upstream presence in Mexico. Petrobras President Magda Chambriard stated that the Mexican portion of the Gulf of Mexico holds crude volumes comparable to those on the U.S. side, according to Expansión. Brazilian President Luiz Inácio Lula da Silva personally called President Claudia Sheinbaum to propose the cooperation.

The MoU covers exploration in deep and ultra-deepwater areas of the Gulf, seismic reprocessing, mature field revitalization, and identification of exploratory opportunities in both countries, including pre-salt potential in Mexican waters. On the downstream side, the framework encompasses refining, petrochemicals, fertilizers, natural gas processing and liquids recovery, as well as energy efficiency, emissions reduction, and carbon capture technologies. "It establishes a framework of strategic and technical collaboration to jointly evaluate, develop, and execute potential projects," said Pemex Director General Juan Carlos Carpio Fragoso, quoted by Expansión. Chambriard added that the agreement could position Petrobras as Pemex's partner in developing Mexico's offshore sector.

The MoU guarantees no investment, but it represents the first channel for external technical cooperation in Mexican offshore exploration since deepwater licensing rounds were suspended. The initial two-year term, renewable by mutual agreement, sets a bounded horizon for the collaboration framework to translate into concrete operational contracts.

This article was drafted with artificial intelligence assistance from verified sources and reviewed by a human editor before publication.