Brazil’s Petrobras to discuss deepwater partnership with Pemex

MEXICO CITY: Brazil’s Petrobras will discuss a possible partnership with Mexico’s Pemex during a visit to Mexico next month, Mexican President Claudia Sheinbaum said on Tuesday, after her Brazilian counterpart proposed joint projects in the Gulf of Mexico for the two state-run oil companies.

Sheinbaum added during her daily morning press conference that she is still evaluating the offer presented last week by Brazilian President Luiz Inacio Lula da Silva, which is geared at helping Pemex with deepwater oil projects where the Mexican company is less experienced.

“Petrobras has become highly specialized in deepwater operations, so he suggested that we form a partnership with Pemex, but we haven’t decided yet,” Sheinbaum said.

Petrobras operates in the Gulf through a joint venture with Murphy Exploration & Production.

Pemex for years has aimed to kick off major projects in the Gulf to compensate for declines in older offshore fields.

Its projects include Zama, a shallow-water field on the cusp of being a deep-water field; Trion, an ultra-deep-water field; and Lakach, a deepwater natural gas field.

Petrobras will send its president, Magda Chambriard, to meet with the head of Pemex and Mexico’s energy minister, Sheinbaum said, adding that she plans to meet with the executive as well.

Lula on Friday said he had called Sheinbaum and emphasized that “Pemex could get a great deal of help from Petrobras.”

Petrobras did not immediately respond to a request for comment about Sheinbaum’s comments.

Pemex has two partnerships with private companies in deepwater oil production, part of its goal to boost output. Mexico is also seeking partnerships regarding ethanol production from sugarcane, Sheinbaum said on Tuesday.