Petrobras has announced it will send a delegation to Mexico in Q2 to initiate talks with Pemex on joint upstream and downstream projects. The teams will evaluate co-development of Mexican oil fields, integration of fuel export pipelines and potential use of Pemex’s refinery infrastructure.

The proposed partnership offers Petrobras a chance to diversify its asset base and extend operations beyond Brazil, leveraging Pemex’s domestic network. If approved, the collaboration could boost medium-term output, generate logistical synergies and open new revenue streams, although it will require regulatory clearances and careful alignment of operational standards.