Latin America Brazil

Pemex Taps Petrobras Expertise for Gulf of Mexico Exploration

By Sofia Gabriela Martinez · April 30, 2026 · 3 min read

Key Points

—President Sheinbaum met Petrobras CEO Magda Chambriard on April 25 to formalize Pemex Petrobras cooperation in exploration, production, refining, and biodiesel.

—Petrobras technical teams will visit Mexico on May 13 to work alongside Pemex engineers on deep-water extraction and ethanol production.

—Sheinbaum plans to visit Brazil in May to sign a broader bilateral agreement with President Lula.

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The Pemex Petrobras cooperation pact formalizes what began as a phone call between two presidents into a concrete technology-sharing framework between Latin America’s two largest state-owned oil companies.

The Rio Times, the Latin American financial news outlet, reports that President Claudia Sheinbaum met with Petrobras CEO Magda Chambriard at Mexico’s National Palace on April 25 to formalize a cooperation agreement covering deep-water oil exploration, crude production and refining technology, and biodiesel development. Mexico’s Energy Secretary Luz Elena González and Pemex Director General Víctor Rodríguez also attended the meeting.

How the Pemex Petrobras Cooperation Began

The alliance originated with a direct proposal from Brazilian President Lula to Sheinbaum during a phone call on March 9. Lula said he was acting at the request of Chambriard, telling workers at Petrobras’s Gabriel Passos refinery that “Pemex could receive great help from Petrobras.” The Brazilian leader pointed specifically to Petrobras’s world-leading expertise in pre-salt deep-water extraction — technology that Mexico has struggled to develop independently.

Pemex Taps Petrobras Expertise for Gulf of Mexico Exploration. (Photo Internet reproduction)

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Sheinbaum accepted the invitation to visit Brazil, initially planned for June or July but since moved forward to May. She confirmed on April 29 that Petrobras and Pemex had agreed to share technological capabilities, with a Petrobras technical delegation set to arrive in Mexico on May 13 to begin joint work across exploration, production, and biofuels.

Live Company IntelligencePetroleo Brasileiro Petrobras SA ADR — the full investor dossierInside: live share price, market cap, three-year financials, valuation, ESG and peer benchmarks — plus the latest Rio Times coverage.

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◆ Live Company Intelligence

Petroleo Brasileiro Petrobras

NYSE: PBRPETR4EnergyOil & Gas Integrated43,199 employees

$115.81B

Market cap

Analyst target $22.58

Wall Street view

4.4Buy/ 5

11 Buy3 Hold0 Sell

Avg. price target $22.58 · +42% vs 200-day

Valuation & profitability

Market cap$115.81B

Revenue (TTM)$498.09B

P / E ratio5.7

Profit margin21.6%

Return on equity25.6%

Price & risk

52-wk low
$10.9752-wk high
$22.07

Beta (volatility)-0.14

200-day average$15.93

Revenue trend · 6y

20202025

Latest $88.10B

Ownership

Institutions26.9%

Shares outstanding3.72B

Top holderGQG Partners LLC

Institutional holders5+ funds

Dividend

Yield17.1%

Payout ratio29.1%

Fwd. annual$1.76

What Petroleo Brasileiro Petrobras does. Petróleo Brasileiro S.A. – Petrobras explores, produces, and sells oil and gas in Brazil, China, the United States, the Americas, Asia, Europe, Singapore, and internationally. It operates through three segments: Exploration and Production; Refining, Transportation & Marketing; and Gas & Low Carbon Energies. The Exploration and Production segment explores, develops, and produces…

Data: EODHD fundamentals (PBR.US) · figures in USD · as of 21 Jul 2026More company intelligence →

What Mexico Needs From Petrobras

Mexico has capped its crude production target at 1.8 million barrels per day and has struggled with declining output from mature fields. The country’s deep-water potential in the Gulf of Mexico remains largely untapped, in contrast to Brazil’s massive pre-salt production, which has turned Petrobras into one of the world’s most technically advanced deep-water operators.

Sheinbaum also expressed interest in Brazil’s ethanol industry as a model for Mexican biofuel development. The Sheinbaum government has set an ambitious energy investment plan allocating 54.15% of infrastructure spending between 2026 and 2030 to energy projects, targeting 30,000 additional megawatts of generation capacity and reducing gas import dependency from 75% to 50%.

Strategic Context: Two State Giants at a Crossroads

Petrobras is Latin America’s most valuable company by market capitalization, worth over $100 billion. Pemex is the world’s most indebted oil company, reporting a $2.5 billion loss in Q4 2025. The asymmetry is the point: Petrobras offers technology and operational expertise while Pemex provides access to Mexico’s untapped reserves and a bilateral relationship that serves both governments’ geopolitical interests.

Petrobras already has a precedent for this kind of partnership. In March 2026, Petrobras and Ecopetrol announced the discovery of a deepwater gas field off Colombia’s coast — a collaboration that mirrors the structure now being proposed for Mexico. For Lula, connecting Brazil’s national champion to both Mexico and Colombia through technology partnerships reinforces Brazil’s position as Latin America’s energy leader at a moment when the Iran war has made energy sovereignty a strategic imperative across the region.

Related Coverage

Oil & Energy in Latin America 2026 •
Mexico Economy 2026 Guide •
Colombia Economy 2026 Guide

In depth

Oil and energy in Latin America 2026

Pemex Taps Petrobras Expertise for Gulf of Mexico Exploration

Daily Brief

Key Points

How the Pemex Petrobras Cooperation Began

Wall Street view

Valuation & profitability

Price & risk

Revenue trend · 6y

Ownership

Dividend

What Mexico Needs From Petrobras

Strategic Context: Two State Giants at a Crossroads

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