Petrobras signs MoU with Pemex for E&P development
Petrobras has signed a Memorandum of Understanding (MoU) with Petróleos Mexicanos (Pemex) for the assessment, development and joint execution of projects in the hydrocarbons industry. This includes the development of opportunities in the exploration and production (E&P) and industrial processes areas, as well as the exchange of experiences on regulatory and institutional aspects of the sector.
In the E&P segment, the companies will evaluate initiatives aimed at the revitalization of mature fields, seismic reprocessing and exploratory and development opportunities in deepwater and ultra deepwater areas, including assets located in the Gulf of Mexico.
In the industrial area, the MoU covers cooperation opportunities in refining, petrochemicals, fertilizers, gas processing and liquids recovery, energy efficiency, emissions reduction, carbon capture and the production of lower-carbon-intensity fuels, in addition to the sharing of best practices related to safety, operational reliability and environmental protection.
The MoU is valid for two years and may be renewed. Petrobras says that the agreement does not constitute a binding investment commitment, nor does it create a partnership, consortium or joint venture between the parties. Any opportunities identified may be subject to future negotiations and will depend on the execution of specific instruments, subject to feasibility analyses, approvals by the competent bodies and the governance rules applicable to each party.
About the Author
Bruce Beaubouef
Managing Editor
Bruce Beaubouef is Managing Editor for Offshore magazine. In that capacity, he plans and oversees content for the magazine; writes features on technologies and trends for the magazine; writes news updates for the website; creates and moderates topical webinars; and creates videos that focus on offshore oil and gas and renewable energies. Beaubouef has been in the oil and gas trade media for 25 years, starting out as Editor of Hart’s Pipeline Digest in 1998. From there, he went on to serve as Associate Editor for Pipe Line and Gas Industry for Gulf Publishing for four years before rejoining Hart Publications as Editor of PipeLine and Gas Technology in 2003. He joined Offshore magazine as Managing Editor in 2010, at that time owned by PennWell Corp. Beaubouef earned his Ph.D. at the University of Houston in 1997, and his dissertation was published in book form by Texas A&M University Press in September 2007 as The Strategic Petroleum Reserve: U.S. Energy Security and Oil Politics, 1975-2005.