Brazil’s state-owned energy giant Petrobras has signed on the dotted line to look into establishing a collaboration with Mexico’s state-owned petroleum heavyweight Petróleos Mexicanos (Pemex) in the hydrocarbon realm.
Petrobras has signed a memorandum of understanding (MoU) with Pemex for strategic and technical cooperation for the assessment, development, and joint execution of projects in the hydrocarbons industry, including the development of opportunities in the exploration and production (E&P) and industrial processes areas, as well as the exchange of experiences on regulatory and institutional aspects of the sector.
The Brazilian giant underlined: “The agreement does not constitute a binding investment commitment, nor does it create a partnership, consortium or joint venture between the parties.
“Any opportunities identified may be subject to future negotiations and will depend on the execution of specific instruments, subject to feasibility analyses, approvals by the competent bodies and the governance rules applicable to each party.”