Petrobras and Pemex - the Mexican state-owned oil and gas company - are negotiating a partnership for oil exploration and production in deep waters of the Gulf of Mexico, as well as joint refining and gas projects. According to President Luiz Inácio Lula da Silva, the collaboration is being coordinated between the Brazilian and Mexican governments.

At an event in Manaus, Lula said he received a phone call from Mexican President Claudia Sheinbaum expressing interest in the partnership. He added that Petrobras head Magda Chambriard will travel to Mexico to discuss the cooperation.

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“We are going to partner with Pemex and go to the Gulf of Mexico to see if our comrade Trump will interfere with Petrobras’s exploration at 2,500 meters [depth],” said Lula, referring to threats made by US President Donald Trump to intervene in Latin American countries.

Technical missions from both state-owned companies have been carried out in Mexico and Brazil to assess geological viability, reserves, and regulatory conditions in the region. “Petrobras is highly respected worldwide,” the president emphasized.

Investments

In Manaus, Lula took part in the announcement of Petrobras investments in the state of Amazonas. The company will invest more than BRL 2.8 billion to expand natural gas production in the Urucu Polo, in Coari, as well as in the construction of vessels at the Bertolini shipyard in the state capital.

The president argued that Petrobras should be used to generate wealth and drive the country’s development. “We have to make use of the potential of a company the size of Petrobras, which is listed on the New York Stock Exchange, where the government can appoint its management and board,” he said.

“The government doesn’t control Petrobras. We discuss Brazil’s priorities. It’s not just what Petrobras needs, it’s also what Brazil needs. If we don’t build the barges here, we won’t create jobs, we won’t generate technological knowledge, and we won’t train skilled professionals,” he emphasized.