Petróleo Brasileiro SA (Petrobras) and Petróleos Mexicanos (Pemex) signed an MOU to jointly assess, develop, and implement projects in the oil and gas sector. The partnership includes opportunities in exploration, production, and industrial processing.

In exploration and production, the companies will consider initiatives to revitalize mature fields, conduct seismic reprocessing, and pursue exploration and development opportunities in deepwater and ultra-deepwater regions, including assets in the Gulf of Mexico. The partnership also includes the exchange of technical expertise, technologies, and best practices.

Within the industrial sector, the MOU covers opportunities for cooperation in refining, petrochemicals, fertilizers, gas processing and liquids recovery, energy efficiency, emissions reduction, carbon capture, and the production of lower-carbon fuels, as well as the exchange of best practices related to safety, operational reliability, and environmental protection.

The MOU will remain in effect for 2 years and may be subject to renewal. The agreement does not constitute a binding investment commitment, nor does it create a partnership, consortium, or joint venture between the parties.

Any opportunities that are identified may be the subject of future negotiations and will be contingent upon the signing of specific instruments, considering feasibility studies, approvals from the relevant authorities, and the governance rules applicable to each party.