Petrobras and Pemex prepare techinal cooperation protocol

Petrobras is preparing to formalize a cooperation protocol with Pemex, creating a structured channel for technical dialogue between two of Latin America’s largest state-owned energy companies.

The agreement is expected to cover areas such as exploration and production, refining, petrochemicals, fertilizers, decarbonization and technology. Rather than pointing to any specific project, the protocol should be read as a framework for technical teams to exchange experience, compare operational challenges and identify areas of common interest.

This distinction matters.

WSB has recently covered different forms of cooperation involving Petrobras and Equinor. In the Campos Basin, Petrobras’ move into the Itaimbezinho block represents a concrete E&P transaction, with a defined asset and working interest. In offshore wind, the Petrobras–Equinor cooperation was closer to a technical and strategic framework, aimed at evaluating future opportunities in a still-developing segment.

The Pemex protocol should be read closer to the latter. It is not, by itself, a signal of imminent participation in specific E&P blocks or immediate offshore ventures. Its relevance lies in the creation of a formal technical channel between two NOCs with large operational footprints, legacy infrastructure and overlapping strategic challenges.

For Petrobras, the move is consistent with a selective international posture — not a return to broad expansion, but a way to remain technically connected to relevant regional peers. For Pemex, the agreement may offer access to Petrobras’ accumulated experience in deepwater, offshore development and integrated energy operations.

The point, therefore, is not to assume that a project will follow. It is to recognize that Petrobras and Pemex are placing their technical organizations in direct conversation across areas that remain central to the future of both companies: offshore development, refining, decarbonization and long-term energy strategy.

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