Mexico’s state-owned Pemex and Brazil’s Petrobras have formed a strategic partnership to explore deepwater oil prospects in the Campeche Bay region of the Gulf of Mexico. The collaboration aims to assess and develop opportunities in exceptionally deep Jurassic source rock formations located miles below the seafloor, which are significantly older and deeper than currently producing formations in U.S. Gulf waters.
Pemex previously conducted deep exploratory drilling in the area in 2018, reaching depths exceeding 7,800 meters below the sea floor and penetrating the Campeche salt layer, though that well was declared unproductive. However, industry analysts suggest that Pemex’s decision to pursue further exploration indicates the company identified geological indicators warranting continued investigation, despite keeping detailed results confidential.
Petrobras brings substantial technical expertise to the venture, having spent two decades successfully operating in pre-salt offshore formations off Brazil’s coast. The Brazilian company’s work in the Santos and Campos Basins has resulted in some of the world’s most prolific offshore oil discoveries, contributing to Brazil’s emergence as a top-ten global oil producer over the past decade.
The memorandum of understanding signed in June between the two companies establishes a framework for exchanging technical knowledge, technologies, and operational best practices. The partnership targets deepwater and ultra-deepwater assets in the Gulf of Mexico, with a focus on exploration and production activities.
Successful discoveries in these challenging waters could provide substantial benefits for Pemex, which has experienced declining oil output in recent years and faces significant financial pressures. The company reported a 70% year-over-year decline in second-quarter net profits and continues to fall short of government production targets, making potential new hydrocarbon resources critical to the company’s financial recovery.
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