Petrobras, Pemex sign agreements

Petrobras and Pemex signed two agreements on Aug. 6 in Mexico City for cooperation in studies to develop heavy oil production processes in shallow water and at oil production in fractured carbonated reservoirs.

Offshore staff

MEXICO CITY -- Petrobras and Pemex signed two agreements on Aug. 6 in Mexico City for cooperation in studies to develop heavy oil production processes in shallow water and at oil production in fractured carbonated reservoirs. Petrobras President José Sergio Gabrielli de Azevedo also met with Pemex General Director Jesús Reyes Heroles and executives from the two companies.

The goal of the Plenary Meeting was to assess new trade opportunities and to analyze current and controversial issues in the bilateral economic relationship. The objective was to pursue mutual trade and investments.

During the Meeting, Gabrielli made a presentation on Petrobras' biofuel strategy. The agenda in Mexico also included a presentation to investors at the Mexican Stock Exchange about Petrobras' future perspectives, including the company's business plan through 2011.

Petrobras leads the consortium that renders services in the Burgos basin, in northern Mexico. The PTD consortium is formed by Petrobras (45%), Japan's Teikoku Oil (40%), and Mexico's Diavaz (15%). PTD has two agreements with Pemex Exploration and Production to render services in the Cuervito and Fronterizo gas fields. The agreements are expected to be in effect for 15 years and are estimated to be worth nearly $260 million each.

8/7/2007

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