Petrobras and Mexico’s Pemex will finalize a partnership for joint offshore exploration in the Gulf of Mexico.
Pemex CEO Juan Carlos Carpio Fragoso will travel to Brazil in June to conclude the agreement.
The initial phase involves non-disclosure agreements and memoranda of understanding for joint studies on the Mexican side of the Gulf.
Petrobras aims to expand its international upstream portfolio using its deepwater exploration expertise. Pemex seeks to counter declining crude production through this collaboration.
The alliance has political backing from both nations' presidents. The partnership may eventually expand into refining and petrochemicals.