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Magda Chambriard, president of Petrobras, will travel to Mexico for meetings with the president of Pemex and members of the Mexican government. The initiative came after Lula proposed joint projects in the Gulf of Mexico, where Petrobras has recognized experience in deep waters and Pemex seeks partners to offset the decline of its older fields.
Petrobras is about to take an unprecedented step in Latin America. The president of Mexico, Claudia Sheinbaum, confirmed this Tuesday, March 24, that Petrobras will visit the country next month to discuss a possible partnership with Pemex, the Mexican state oil and gas company. The president of Petrobras, Magda Chambriard, will meet with the president of Pemex and members of the Mexican government, including Sheinbaum herself. The initiative came after President Lula proposed joint projects in the Gulf of Mexico.
According to g1, Lula stated that he directly called Sheinbaum last week and emphasized that Pemex could receive significant help from Petrobras. The Mexican president said she is still evaluating the offer. The goal of the proposal is to support Pemex in deep water oil ventures, an area where the Mexican state company has less experience and Petrobras is a global reference. Sheinbaum declared that Petrobras has become highly specialized in this type of operation and that is why the partnership was suggested.
Why Petrobras is the ideal partner for Pemex in deep waters
Petrobras is internationally recognized as one of the companies with the greatest expertise in the exploration and production of oil in deep and ultra-deep waters. The Brazilian state company has developed its own technology to operate at depths exceeding 2,000 meters, especially in the pre-salt off the Brazilian coast.
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This technical capability is exactly what Pemex needs to advance its projects in the Gulf of Mexico, where fields like Trion and Lakach require cutting-edge technology for exploration at great depths.
Petrobras already operates in the Gulf of Mexico through a joint venture with Murphy Exploration & Production, which means that the Brazilian state company knows the region and its geological conditions.
Pemex, for its part, has been seeking to launch large deep water projects for years to offset the decline of older offshore fields that have sustained Mexican production for decades. The combination of Petrobras’ experience with Pemex’s reserves creates an opportunity that benefits both sides.
The fields at stake: Zama, Trion, and Lakach in the Gulf of Mexico
Pemex has three major projects in the Gulf of Mexico that could be the focus of the partnership with Petrobras. The first is the Zama field, initially classified as shallow water, but which is becoming a deep water venture as geological studies progress.
The second is Trion, an ultra-deep water field where Pemex already has a partnership with a private company. The third is Lakach, a natural gas field also in deep water.
These fields represent the future of Mexico’s oil and gas production. Without significant investments in deep water technology, Pemex risks seeing its production continue to decline.
The entry of Petrobras as a technical partner could accelerate the development of these fields and bring the expertise that Pemex still lacks. For Petrobras, the partnership would mean expanding its international operations and strengthening the presence of the Brazilian state company in the Gulf of Mexico, one of the most important producing regions in the world.
Lula’s phone call to Sheinbaum and the political dimension of Petrobras’ partnership
The initiative did not arise from a technical negotiation between the two state companies. It came from a direct phone call from President Lula to President Claudia Sheinbaum. Lula publicly stated that he called Sheinbaum and emphasized that Pemex could receive significant help from Petrobras.
The statement indicates that the Brazilian government sees the partnership not only as a commercial opportunity but also as an instrument of diplomacy and strategic rapprochement between Brazil and Mexico.
Sheinbaum responded cautiously, stating that she is still evaluating the proposal. However, she confirmed that Petrobras president, Magda Chambriard, will travel to Mexico next month. The fact that the trip has been confirmed by the Mexican president herself indicates that discussions have already progressed beyond the initial stage.
For Petrobras, a partnership with Pemex in the Gulf of Mexico would represent one of the most relevant international agreements in recent years and would consolidate the state company’s position as a global reference in deep waters.
Beyond oil: Mexico also wants Brazilian ethanol
The partnership between Petrobras and Pemex is not the only topic on the bilateral agenda. Sheinbaum also stated this Tuesday that Mexico is seeking agreements to produce ethanol from sugarcane.
Brazil is the world’s largest producer of sugarcane ethanol and has decades of experience in this production chain, which puts the country in a privileged position to collaborate with Mexico in this sector as well.
If realized, the partnerships in oil and ethanol could reshape the energy relationship between Brazil and Mexico. For Petrobras, the agreement with Pemex would open doors for operations in new fields in the Gulf of Mexico.
For Brazil as a whole, the export of deep water technology and biofuels would consolidate the country as a strategic supplier of energy solutions for Latin America. Magda Chambriard’s visit to Mexico next month will be the first concrete test of these ambitions.
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