Petrobras and Pemex are negotiating a partnership for deep-water oil exploration and production in the Gulf of Mexico. The collaboration also includes potential joint refining and gas projects.
Brazilian President Luiz Inácio Lula da Silva confirmed the talks after a call with Mexican President Claudia Sheinbaum. Petrobras CEO Magda Chambriard will travel to Mexico to advance the discussions.
The strategic alliance between Latin America’s largest energy producers could shift production dynamics in the Gulf. The region currently hosts major operations for international oil companies, including top holdings in the VDE and XLE ETFs.