Brazil's
Petrobras will send representatives to Mexico to explore a
potential alliance with state oil company Pemex, with chief
executive Magda Chambriard telling analysts on May 12 that the
Mexican side of the Gulf of Mexico remains underdeveloped,
particularly in ultra-deepwater, a Petrobras speciality,El Economista reported.
The
partnership push has presidential backing on both sides. Brazilian
President Luiz Inácio Lula da Silva proposed the Petrobras-Pemex
tie-up to President Claudia Sheinbaum earlier this year, and
Sheinbaum met Chambriard in April, saying she hoped an agreement
would be reached. Sheinbaum is also expected to travel to Brazil to
sign a memorandum of understanding with Lula.
Chambriard
said Petrobras sees opportunities in both exploration and the
exploitation of mature fields alongside Pemex. 'If that is
possible, what do we do with that oil? There is nothing better than
refining it in Mexico, right next door,' she said.
The
Brazilian company is also eyeing Venezuela, though Chambriard said
it remains at an early evaluation stage. 'It is on the wish list,'
she said.
The
interest in Pemex comes at a delicate moment for the Mexican
company, which is struggling with $79bn in debt, falling production
and internal governance tensions, making the prospect of a
technically capable partner with deepwater expertise potentially
valuable despite the political sensitivities involved.
© 2026 bne IntelliNews, source Magazine
