Brazil’s state-owned energy giant Petrobras has signed on the dotted line to look into establishing a collaboration with Mexico’s state-owned petroleum heavyweight Petróleos Mexicanos (Pemex) in the hydrocarbon realm.
Petrobras has signed a memorandum of understanding (MoU) with Pemex for strategic and technical cooperation for the assessment, development, and joint execution of projects in the hydrocarbons industry, including the development of opportunities in the exploration and production (E&P) and industrial processes areas, as well as the exchange of experiences on regulatory and institutional aspects of the sector.
The Brazilian giant underlined: “The agreement does not constitute a binding investment commitment, nor does it create a partnership, consortium or joint venture between the parties.
“Any opportunities identified may be subject to future negotiations and will depend on the execution of specific instruments, subject to feasibility analyses, approvals by the competent bodies and the governance rules applicable to each party.”
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Within the E&P segment, the two players will evaluate initiatives aimed at the revitalization of mature fields, seismic reprocessing and exploratory and development opportunities in deepwater and ultra-deepwater areas, including assets in the Gulf of Mexico.
The partnership entails the exchange of technical knowledge, technologies and best practices, leveraging the Brazilian firm’s expertise in highly complex offshore operations. The MoU is valid for two years and may be renewed.
The deal covers cooperation opportunities in refining, petrochemicals, fertilizers, gas processing and liquids recovery, energy efficiency, emissions reduction, carbon capture and the production of lower-carbon-intensity fuels in the industrial area, in addition to the sharing of best practices related to safety, operational reliability and environmental protection.
This MoU comes after Petrobras’ 427 million order with the Estaleiro Rio Grande shipyard for four medium-range oil tankers.