[REVISION HISTORY]

Petrobras offshore development and Pemex partnership

Updated 4 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-20 16:48 UTC → 2026-08-24 21:26 UTC · added ~~removed~~

In late July 2026, Petrobras advanced its deep‑water SEAP project in the Sergipe‑Alagoas basin, securing a competitive bid from OneSubsea, Baker Hughes, and TechnipFMC to supply up to 32 submerged Christmas trees valued at approximately R$ 3 billion. During the same period, Nuclep delivered five additional torpedo piles, bringing the 2026 total to 11 of the 37 piles planned for anchoring subsea systems in fields such as Marlim, Atapu, Roncador, and the Campos Basin. On 23 June, Petrobras and Mexico’s Pemex signed a two‑year, renewable memorandum of understanding (MoU) in Rio de Janeiro to evaluate joint deep‑water and ultra‑deep‑water projects, seismic reprocessing, heavy‑oil operations, and carbon‑capture. The MoU is non‑binding, requiring separate agreements and regulatory approval for any investment. By early August, the bilateral relationship deepened as Mexico and Brazil reconvened their Binational Commission. Led by Mexican Foreign Minister Roberto Velasco and Brazilian Chancellor Mauro Vieira, the commission expanded cooperation to include trade, science, education, and diplomatic support. ~~This includes educational exchanges and Brazil’s pledge to protect Mexican diplomatic interests in Peru.~~ On 14 August, Mexican President Claudia Sheinbaum and Brazilian President Luiz Inácio Lula da Silva held a videoconference to ~~further~~ strengthen ~~ties.~~ bilateral relations, focusing on trade, energy, and social policies. Building on the June MoU, the two state-owned oil companies are ~~now~~ negotiating a second agreement focused on refining and the sale of fuels. ~~This new phase aims to leverage Petrobras’s expertise in complex maritime operations alongside Pemex’s regional presence to bolster economic integration between the two nations.~~ By 19 late August, the partnership evolved to include high-risk exploration of ~~prehistoric~~ Jurassic rock formations under the Gulf of ~~Mexico.~~ Mexico, specifically targeting Campeche Bay. This project ~~targets~~ aims to tap into crude reserves in rocks dating back 160 million ~~years, though~~ years. While the project offers potential for vast reserves, it carries substantial physical, financial, and environmental risks due to extreme depths and high-pressure conditions. Pemex is leveraging Petrobras’s technical expertise, specifically its two decades of experience drilling Brazil’s prolific pre-salt layers, to manage these challenges.

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