Back to overview Home Fossil Energy Petrobras and Pemex shake hands to explore partnership in oil & gas sphere Petrobras and Pemex shake hands to explore partnership in oil & gas sphere Collaboration June 24, 2026, by Melisa Cavcic Share this article 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. Illustration; Source: Petrobras 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.” This content is available after accepting the cookies. Change cookie-settings View on Offshore-energy. Multibillion-dollar oil project getting new operator as Pemex passes the baton to Harbour 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