MEXICO · PETROBRAS · PEMEX
Key Facts
- Studies Reports say Pemex’s results list seismic studies in eight Gulf of Mexico areas, and Petrobras analyses the data.
- Data Reports say Petrobras, Brazil’s state oil company, has held Mexican geological, geophysical and well data since 1 September.
- Memorandum Pemex, Mexico’s state oil company, and Petrobras announced a non-binding two-year memorandum on Tuesday 23 June 2026.
- New York Petrobras shares trade in New York as PBR, an American depositary receipt.
- Power Index Mexico ranks 2nd of 14 in The Rio Times Latin America Power Index, with 70.8 points (November 2026 edition).
As of Sunday 8 November 2026, Petrobras, Brazil’s state-controlled oil company, is reportedly analysing eight offshore areas in the Gulf of Mexico. The areas appear in the latest results report of Pemex, Mexico’s state oil company.
Mexican business outlets have carried these details, most recently on Saturday 7 November 2026. For US readers it matters because Petrobras shares trade in New York as PBR.
What We Know
Pemex and Petrobras announced a non-binding memorandum of understanding in a Petrobras filing dated Tuesday 23 June 2026, made with the US Securities and Exchange Commission, the American market regulator. It creates no partnership, consortium or joint venture, and it runs for two years with the option to renew.
The text covers exploration and production, including deepwater and ultra-deepwater work in Gulf of Mexico assets. It also covers refining, petrochemicals, fertilisers, gas processing, emissions reduction and carbon capture.
Our report on the June signing and our August report on the accord set out that background. The newest detail comes from Pemex’s own results.
Mexican business reports on Pemex’s third-quarter 2026 results say the document states that Petrobras has held geological, geophysical and well data since Tuesday 1 September 2026. They say Mexico’s energy ministry, known as Sener, supplied the data, and that Petrobras uses it to analyse and rank exploration opportunities.
We could not open the Pemex report ourselves, so these details are reported, not confirmed. The reports list eight Gulf of Mexico areas with seismic studies, which map rock layers with sound waves: Anegada-Labay, Centauro, Centauro Sur, Holok-Alvarado, Magno Etapa 1Q, Máximo, Máximo Ampliación and Yoka-Butub.
The reports say the work also covers mature fields and pre-salt reservoirs, meaning deep oil layers beneath thick salt. The same eight areas were already listed in coverage of Pemex’s second-quarter analyst call on Friday 31 July 2026.
Reports of that call say Petrobras and Sener were advancing a mechanism to exchange geological and geophysical information. They say Pemex was compiling its share of the geological and geophysical data for Petrobras’s analysis.
Why It Matters
A non-binding memorandum is easy to sign and hard to measure. Technical work on named areas gives investors something concrete to watch, if the reports prove right.
The Gulf of Mexico is shared by Mexico and the United States, so new activity there interests American readers. Pemex’s own disclosure is the document to watch for any licence, contract or budget.
Live Company IntelligencePetroleo Brasileiro Petrobras SA ADR — the full investor dossier
In Plain English
Pemex is Mexico’s state oil company, and Petrobras is Brazil’s state-controlled oil company. Sener is the Mexican government’s energy ministry.
A memorandum of understanding is a written statement of shared intent that does not bind the parties to a deal. An ADR, or American depositary receipt, is a share that lets US investors own a foreign company in dollars.
What It Means for You
If you hold Petrobras through the PBR receipt or a Latin America fund, this story points to technical work, not a deal. Nothing reported so far sets a contract, a budget or a date.
Treat it as a story to follow. Our Mexico hub tracks what Pemex and Sener do next.
What Is Not Known
It is not known under what agreement or terms the data were shared, or who pays for the studies. We also do not know whether any of the eight areas will lead to a licence, contract or investment.
No money amounts or dated timeline have been reported, and we cannot say whether Petrobras has commented beyond its June filing. Everything taken from the Pemex third-quarter report stays unconfirmed until we can read it.
Background: Petrobras Shares Hold as Brazil Falls 1%.
Frequently Asked Questions
What did Pemex and Petrobras announce?
They announced a non-binding memorandum of understanding in a filing dated Tuesday 23 June 2026. It creates no partnership, consortium or joint venture and lasts two years, renewable.
Which Gulf of Mexico areas is Petrobras analysing?
Reports of Pemex’s results list eight: Anegada-Labay, Centauro, Centauro Sur, Holok-Alvarado, Magno Etapa 1Q, Máximo, Máximo Ampliación and Yoka-Butub. We could not confirm this from the Pemex report itself.
Does this mean Petrobras will drill in Mexico?
No licence, contract or investment has been reported. It is not known whether any of the areas will lead to one.
Sources: Petrobras filing with the US Securities and Exchange Commission, 23 June 2026; Pemex third-quarter 2026 results as reported (report not opened by us); Pemex second-quarter 2026 analyst call as reported.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. How we use AI · Report an error