PEMEX, Petrobras to Explore Ultra-Deep Pre-Salt Formations

Petróleos Mexicanos (PEMEX) and Petróleo Brasileiro (Petrobras) have signed a two-year Memorandum of Understanding to evaluate ultra-deep pre-salt formations and mature basins off the coast of Campeche. The strategic collaboration provides PEMEX with access to Petrobras’ specialized subsea engineering and deepwater technology without opening upstream blocks to private concessionaires. This partnership directly impacts state utilities, offshore oilfield service providers, and energy sector investors by establishing a state-to-state framework to mitigate domestic crude production decline and address complex subsea geological targets in the Gulf of Mexico.

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PEMEX and Petrobras have partnered to evaluate deepwater exploration opportunities in pre-salt geological formations off the coast of Campeche. The joint effort targets source-rock formations laid down approximately 160 million years ago, located miles below the seafloor beneath thick, high-pressure salt layers. 

The target area includes an offshore geological cluster that PEMEX explored without commercial success in 2018, when it bored past 7,800m below the seabed. According to local media, technical teams from both state-owned companies are evaluating seismic and geological data from that well to identify viable hydrocarbon accumulations. Pedro Zalan, a former Petrobras geologist with 34 years at the company, noted that Petrobras is entering uncharted territory, while emphasizing that the geology on the Mexican side of the Gulf remains favorable for oil accumulation.

While operators such as Shell and Chevron have produced crude from subsaline deposits in the Gulf of Mexico for decades, drilling into significantly older pre-salt formations introduces extreme technical and financial complexities. Beneath high temperatures and subsea pressures, deep-seated salt layers behave fluidly, requiring specialized drilling systems and capital commitments that can exceed hundreds of millions of dollars per well. 

The technical partnership relies heavily on Petrobras' specialized pre-salt expertise developed in Brazil's Santos Basin, where fields like Tupi have generated over 4 billion barrels of crude since 2010. Pemex lacks the proprietary technology and standalone capital required for ultra-deepwater pre-salt extraction. However, access to Petrobras' operational capabilities could provide a path to unlocking potential reserves, reversing declining domestic production, and mitigating global market concentration risks heightened by Middle Eastern geopolitical instability. 

Beyond pre-salt targets, the scope of cooperation outlined by Petrobras Exploration and Production Director Sylvia Anjos extends to evaluating deep-water mud and sand avalanche deposits, shallower salt structures, refining operations, and fuel marketing initiatives. 

PEMEX-Petrobras Collaboration’s Foundation

The technical collaboration builds upon a non-binding, two-year Memorandum of Understanding (MoU) signed in Rio de Janeiro by Juan Carlos Carpio, Director General, PEMEX, and Magda Chambriard, Executive President, Petrobras. Formalizing months of diplomatic engagement between Mexican President Claudia Sheinbaum and Brazilian President Luiz Inácio Lula da Silva, the agreement establishes a structured technical framework for joint project evaluation in exploration, production, refining, gas processing, and lower-carbon technologies.

The immediate focus centers on mature basins in the Sonda de Campeche, including the Cantarell complex, where advanced seismic reprocessing and reservoir management could unlock deeper reserves. While the MoU does not create formal investment commitments or binding operational contracts, it offers a state-to-state pathway for technology transfer amid capital expenditure constraints and ongoing reservoir depletion.

Strategic Alignment and Complementary Assets

The alliance is grounded in a complementary distribution of technical capabilities and asset bases. PEMEX brings extensive Gulf of Mexico acreage holding significant undeveloped deepwater potential, particularly in mature basins like the Sonda de Campeche. However, PEMEX lacks ultra-deepwater drilling experience and faces capital constraints, with its liquids production stabilizing around 1.65MMb/d in 1Q26, less than half its 3.4MMb/d peak in 2004.

Petrobras supplies the specialized subsea engineering and operational experience developed across Brazil’s pre-salt province, where fields operate at water depths between 1,500m and 3,000m. For a Mexican administration seeking to develop deepwater resources without opening upstream blocks to private concessionaires, partnering with a fellow state-owned operator provides a technical pathway to address natural reservoir decline.