The non-binding, two-year pact grew out of a March proposal by Lula to Sheinbaum; Petrobras eyes Gulf of Mexico deepwater, mature fields, refining, and fertilizers.

This article by Darren García originally appeared in the June 23, 2026 edition of Contralínea, a Mexican investigative journalism magazine.

To establish strategic cooperation in the exploration, production, and transformation of hydrocarbons, Petróleos Mexicanos (Pemex) and Petróleo Brasileiro SA (Petrobras) signed a memorandum of understanding this morning, the Mexican state-owned company reported.

Based on this agreement, the aim is also to develop, evaluate, and execute projects jointly for the hydrocarbon industry, with opportunities in the areas of exploration, production, and industrial processes, “as well as the exchange of experiences on regulatory and institutional aspects of the sector,” it added in a statement. Likewise, to exchange technical and technological knowledge and best practices.

In the areas of exploration and production, “initiatives aimed at the revitalization of mature fields, seismic reprocessing, and exploratory and development opportunities in deep and ultra-deep water areas will be evaluated.”

In the industrial sector, the memorandum establishes cooperation in “refining, petrochemicals, fertilizers, gas processing and liquids recovery, energy efficiency, emissions reduction, carbon capture, and production of fuels with lower carbon intensity, in addition to the exchange of best practices related to safety, operational reliability, and environmental protection.”

Magda Chambriard, president of Petrobras, indicated that the agreement will benefit both parties, and mentioned that the Brazilian company’s interest is centered on exploration in the Gulf of Mexico, increasing production from mature oil fields, and the industrial processes of refining, petrochemicals, and fertilizers.

“This is an instrument of strategic cooperation 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.”

For his part, the general director of Pemex, Juan Carlos Carpio Fragoso, pointed to the optimization and increase of production in deep waters as areas of opportunity, among which he included heavy and extra-heavy oils, mature fields, the “pre-salt potential in the Gulf of Mexico,” refining, and petrochemicals.

This memorandum will be in effect for two years, with the option to be extended. In addition, the Pemex statement specified that it does not constitute a binding commitment for investments or the creation of entities, but different points may be negotiated in the future.

This agreement comes after a series of conversations and rapprochements between the governments of Mexico and Brazil. In particular, President Claudia Sheinbaum Pardo has spoken on repeated occasions with her Brazilian counterpart, Inácio Lula da Silva, who in March of this year proposed an alliance between the two companies.

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