La Jornada: Pemex and Petrobras formalize a strategic alliance

Petrobras and Petróleos Mexicanos (Pemex) yesterday formalized a strategic and technical cooperation alliance to jointly evaluate, develop and execute projects in the oil industry.

The Ministry of Energy (Sener) stated in a joint statement: through a memorandum of understanding, the companies seek to develop opportunities in exploration and production, industrial processes and the exchange of experiences on regulatory and institutional aspects of the sector.

“This is an instrument of strategic cooperation with significant potential for Petrobras, which can position the company as a partner of Pemex in a scenario of strengthening oil exploration and production in Mexico,” said Magda Chambriard, president of Petrobras.

“We are interested in exploration in the Gulf of Mexico, increasing production in mature fields and industrial processes of refining, petrochemicals and fertilizers. Without a doubt, the alliance between the two state companies will be beneficial for both countries.

“The signing opens cooperation opportunities for the benefit of companies, countries and their people; it establishes a framework of strategic and technical collaboration to jointly evaluate, develop and execute potential and comprehensive projects in hydrocarbon exploration and extraction activities, for new discoveries, as well as for opportunities to optimize and increase production in deep waters, heavy and extra-heavy oil areas, mature fields and pre-salt potential (huge trapped reserves) in the Gulf of Mexico, and in activities related to industrial processes such as refining. and petrochemicals,” indicated Juan Carlos Carpio Fragoso, general director of Pemex.

In exploration and production, the companies will evaluate initiatives to revitalize mature fields, seismic reprocessing and exploration and development opportunities in deep and ultra-deep waters, including assets in the Gulf of Mexico.

The partnership also contemplates the exchange of technical knowledge, technologies and best practices, taking advantage of Petrobras’ experience in operations offshore of high complexity. In the industrial area, the alliance covers cooperation in refining, petrochemicals, fertilizers, gas processing and liquid recovery, energy efficiency, emissions reduction, carbon capture and production of lower carbon intensity fuels, in addition to the exchange of best practices in safety, operational reliability and environmental protection.

Valid for two years

Both Pemex and Petrobras pointed out that the agreement is valid for two years and can be renewed and does not constitute a binding investment commitment nor does it create a company, consortium or joint venture.

They indicated that the identified opportunities may be negotiated in the future and will depend on the signing of specific instruments, considering feasibility analysis, approvals from competent bodies and governance standards applicable to each party.

The Undersecretary of Hydrocarbons of the Sener, Juan José Vidal Amaro, hoped that this declaration of cooperation will be transformed into well-being for the people of Brazil and Mexico.

“Claudia Sheinbaum Pardo, president of Mexico, has tasked us with working promptly and effectively to establish a strategic alliance with the objective of continuing to strengthen our national oil companies through ties of technical cooperation and the exchange of knowledge and best practices,” he said during the signing.

He explained that oil companies have the unique opportunity to add capabilities and strengths to enhance Mexico and Brazil.

“Without a doubt, this is the cooperation framework that will allow us to advance on the route, on the path of joint work that our presidents have marked,” he assured.

Vidal Amaro highlighted that the cooperation formalized yesterday ranges from the improved and assisted recovery of mature fields to the production of petrochemicals and fertilizers, positioning Pemex as a competitive and strategic producer on a global scale.