LatinNews Daily - 24 June 2026

*Petrobras and Pemex, the state-controlled oil companies of Brazil and Mexico respectively, have signed a memorandum of understanding (MoU) aimed at developing opportunities in exploration, production, and industrial processes, as well as exchanging experiences regarding the hydrocarbon sector’s regulatory and institutional aspects. The agreement will be valid for two years and could be subject to renewal. The companies have committed to evaluating initiatives focused on revitalising mature fields, seismic reprocessing, and exploration and development opportunities in deepwater and ultra-deepwater areas, including assets located in the Gulf of Mexico. Regarding industrial development, the MoU covers cooperation opportunities in refining, petrochemicals, fertilisers, gas processing and liquids recovery, energy efficiency, emissions reduction, carbon capture, and the production of low-carbon fuels, as well as the sharing of best practices regarding safety, operational reliability, and environmental protection. A Petrobras press release highlighted that the MoU does not constitute a binding investment commitment, nor does it create a partnership, consortium, or joint venture between the companies. Any opportunities identified may be subject to future negotiations and will depend on the execution of specific agreements, subject to feasibility analyses and approval by relevant authorities.