✓ verbatim from the press
Petrobras and Mexican oil company Pemex signed a memorandum of understanding on Tuesday (23rd) for joint exploration of oil and gas — focusing on deep waters of the Gulf of Mexico, where the Mexican portion still has no commercial production of this type, while the American side produces about 2 million barrels daily. The agreement is valid for two years, renewable, but does not create investment commitment or joint venture, according to the Mexican government. ✓
Press quotes (3)
"A presidente da Petrobras (PETR3, PETR4), Magda Chambriard, se reuniu nesta terça-feira (23), no Rio de Janeiro, com o CEO da petroleira mexicana Pemex, Juan Carlos Carpio, para assinar um memorando de entendimento para o desenvolvimento de oportunidades de exploração e produção de petróleo e gás, além de refino e outros processos industriais."
"Enquanto cerca de 2 milhões de barris por dia são produzidos em campos de águas profundas na porção do Golfo do México pertencente aos Estados Unidos, do lado mexicano ainda não há produção comercial proveniente desse tipo de projeto."
"O governo mexicano informou que o acordo terá vigência de dois anos, com possibilidade de renovação, mas não constitui um compromisso vinculante de investimento, nem cria sociedade, consórcio ou empresa conjunta entre as partes, segundo um comunicado."
The partnership allows cooperation in exploration, production, refining and other industrial processes, with no geographical limit — and may occur in Brazil, Mexico or Africa, according to Petrobras president Magda Chambriard. The executive told Mexican president Claudia Sheinbaum, during a previous visit to the country, that the Brazilian state company "believes that the extensive volumes of oil detected in the North American portion of the Gulf of Mexico should also exist in the Mexican part of the region". ✓
Press quotes (2)
"Segundo a executiva, o acordo de cooperação não está limitado às fronteiras do México, podendo ocorrer em outras partes do mundo. Ela citou como exemplos o Brasil e os países do continente africano."
"Chambriard reforçou ter dito pessoalmente à presidente do México, Claudia Sheinbaum, em visita ao país neste ano, que a Petrobras acredita que os extensos volumes de óleo detectados na porção norte-americana do Golfo do México também devem existir na parte mexicana da região."
For Pemex, the agreement is an attempt to reverse the lowest oil production in four decades — 1.6 million barrels daily in 2025, a 7% drop in the year — caused by the decline of mature fields such as Cantarell, which once produced more than 2 million barrels daily and now operates at much lower levels. The Mexican company carries debt of US$ 79 billion and faces maturities of more than US$ 9 billion this year, plus more than US$ 20 billion in debts to suppliers. ✓
Press quotes (3)
"A Pemex enfrenta a menor produção de petróleo em quatro décadas, na ordem de 1,6 milhão de barris diários, em razão do declínio de seus principais ativos, concentrados em campos maduros e alguns novos em águas rasas e áreas terrestres. Esse nível representou uma queda anual de 7% em 2025."
"Parte dos problemas de produção da Pemex decorre do fato de que muitos de seus principais ativos offshore, como Cantarell — um gigantesco campo em águas rasas que chegou a produzir mais de 2 milhões de barris por dia em seu auge — vêm se esgotando nos últimos anos."
"O governo mexicano implementou um resgate financeiro para a Pemex, que conseguiu reduzir sua dívida em 20%, para US$ 79 bilhões; ainda assim, ela enfrenta importantes vencimentos neste ano, que superam os US$ 9 bilhões, e mais de US$ 20 bilhões em débitos com fornecedores e contratados."
Petrobras seeks new exploration areas outside Brazil to secure reserves beyond the pre-salt discovered in 2006, which transformed the country into Latin America's largest energy exporter. The state company produced 2.4 million barrels daily in 2025, 11% above the previous year, and is considered "one of the world champions in deep and ultra-deep waters," according to Bloomberg Línea. The company has had failed expansions in the region — gas fields expropriated in Bolivia and gradual exit from Venezuela after deterioration of the investment environment. ✓
Press quotes (4)
"Já a Petrobras está em busca de novas áreas para perfuração fora do Brasil, na tentativa de garantir reservas para as próximas décadas."
"Em 2025, sua produção de petróleo chegou a 2,4 milhões de barris diários, superando o objetivo do plano de negócios em 0,5%. Esse resultado representou um incremento de 11% no ano."
"A Petrobras é uma das campeãs mundiais em águas profundas e ultraprofundas."
"A Petrobras já enfrentou dificuldades em expansões anteriores pela América Latina neste século. Na Bolívia, teve campos de gás expropriados. Na Venezuela, reduziu gradualmente suas operações até deixar o país, após a deterioração do ambiente de investimentos e o endurecimento das condições fiscais."
The agreement was signed on June 23, 2026, in Rio de Janeiro, between Magda Chambriard (Petrobras) and Juan Carlos Carpio (Pemex), valid for two years with possibility of renewal.
Pemex faces production of 1.6 million barrels daily in 2025 (lowest in four decades), down 7% in the year, caused by decline of mature fields.
Petrobras produced 2.4 million barrels daily in 2025, growth of 11% in the year, and is recognized as a reference operator in deep and ultra-deep waters.
Covered by only some sources, or where the accounts diverge.
Covered by only some sources (4)
Cooperation may include refining, petrochemicals, fertilizers, gas processing, clean energy and industrial safety, according to Pemex's CEO.
Petrobras reduced debt from US$ 132 billion (in 2014) by selling non-profitable assets such as refineries and pipelines, focusing on exploration and production in ultra-deep waters.
The Zama field, with estimated reserves of 750 million barrels and developed in partnership with Wintershall Dea and Harbour Energy, has not yet entered operation.
The partnership idea emerged after President Lula suggested joint exploration of Mexico's deep-water resources in early 2026, with discussion in a videoconference between Lula and Claudia Sheinbaum this month.
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What will be the financing model for exploratory projects in Mexico's deep waters?
Why it's still unknown: The agreement does not create a binding investment commitment. Consultants cited by Invest News question whether the Mexican government will contribute risk capital or whether Petrobras will finance most of the efforts, which may require tens to hundreds of millions of dollars per project. Neither company detailed the cost structure.
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Which specific areas of the Gulf of Mexico will be prioritized in joint exploration?
Why it's still unknown: Executives mentioned potential in deep waters, mature fields and possible Mexican pre-salt, but did not identify blocks, coordinates or exploration timeline. The government of former president López Obrador ended competitive oil auctions that offered offshore blocks to the market.
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How does the agreement relate to Pemex's previous deep-water discoveries, such as the Trion and Lakach fields?
Why it's still unknown: Bloomberg Línea reports that Pemex already has significant deep-water discoveries, but the previous government refused to continue activities due to lack of results and high costs. It was not disclosed whether these areas will enter the scope of cooperation with Petrobras.
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What is the expected timeline for joint projects to result in commercial production?
Why it's still unknown: The memorandum is valid for two years, renewable, but no source detailed the time horizon between exploration, discovery, development and production. Deep-water projects typically take years between discovery and first extraction.