Peter Howard Wertheim
RIO DE JANEIRO, Nov. 21 -- Brazil's state-owned Petroleo Brasileiro SA (Petrobras) said it has agreed to share its US Gulf of Mexico deepwater exploration and production expertise with Petroleos Mexicanos (Pemex) if Mexico will change its laws to permit foreign companies to operate in its sector of the gulf.
Petrobras Pres. Jose Sergio Gabrielli de Azevedo said Petrobras is open to joint activity with Pemex on expanding US Gulf of Mexico projects but would not do so without a reciprocal arrangement with Petrobras in the Mexican sector, which would require a change in Mexico's constitution to permit foreign companies to operate there.
"We are willing to discuss information-sharing for our US assets, but only if we are able to also explore and produce on the Mexican side," Gabrielli said.
Last month, Petrobras and Pemex announced they would be cooperating on a number of strategic fronts, among them deepwater production.
Pemex hopes to invest about $1.4 billion before 2010 to raise its 3.4 million b/d output by 100,000 b/d.