PEMEX, PETROBRAS Sign MoU: The Week in O&G

PEMEX Director Juan Carlos Carpio and Petrobras Executive President Magda Chambriard signed a two-year non-binding MoU in Rio de Janeiro covering joint evaluation of projects in exploration, production, refining, petrochemicals, fertilizers, gas processing, and lower-carbon fuels, including carbon capture. 

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PEMEX and Petrobras Sign Two-Year Technical Cooperation MoU

The deal is politically significant, announced by President Lula after consultations with Sheinbaum,  and strategically relevant: Petrobras brings decades of ultra-deepwater pre-salt experience that PEMEX entirely lacks, with its main fields declining at annual rates in the low 20s. The Campeche Sound, including Cantarell and Ku-Maloob-Zaap, is the stated initial focus for seismic reprocessing and development evaluation. The MoU is non-binding and all prospective opportunities remain subject to feasibility reviews and corporate approvals before any drilling commitment can follow.

CICSA Walks Away From PEMEX Drilling Platform Tender; Process Cancelled

Grupo Carso's CICSA submitted a letter of apology rather than a bid in PEMEX's tender for the lease of a semisubmersible platform for the Mistle-1EXP exploratory well in shallow waters off Tabasco, becoming the second instance in as many months of Slim's businesses retreating from complex offshore commitments with PEMEX. PEMEX cancelled the entire tender on June 17, citing the need to adjust its leasing strategy and technical specifications. No relaunch timeline has been given, leaving the Mistle-1EXP well without a contracted drilling platform.

Authorities Deny Fuel Shortage, Call Gas Station Closures Routine Enforcement

SENER, PEMEX, CNE, PROFECO, and ASEA issued a joint statement rejecting claims circulating in opinion media that coordinated gas station closures were masking a national fuel shortage, characterizing the allegations as totally unfounded. PEMEX reported gasoline and diesel sales rose 9% year-on-year between January and May 2026, and stated the supply chain is operating with normal logistical regularity. The five agencies explained that station closures and suspensions are routine regulatory enforcement outcomes not evidence of supply disruption.

CIAT-CEPAL-OECD and México Evalúa: PEMEX Support Is Now a Net Fiscal Loss

A joint CIAT-CEPAL-OECD report and a separate México Evalúa analysis jointly document that federal support for PEMEX has crossed into net fiscal loss territory. Between January and April 2026, PEMEX contributed MX$73.3 billion in oil revenues to the federal government, a 22% decline year-on-year, while the government transferred MX$76.5 billion back, producing a net state loss of approximately MX$3.2 billion. The revenue decline is rooted in falling crude export volumes driven by the refinery-first policy, which redirected crude to domestic processing at a moment when elevated international prices would otherwise have maximized export earnings. 

Río Pánuco Spill Triggers Congressional Call for PEMEX Director to Testify

An oil slick on the Río Pánuco near the Francisco I. Madero refinery in Ciudad Madero, Tamaulipas, triggered a formal Punto de Acuerdo by PRI congressional coordinator Rubén Moreira demanding that PEMEX Director Juan Carlos Carpio appear before the Permanent Commission to explain the incident and its impact on fishing communities and ecosystems across Tamaulipas and Veracruz. PEMEX stated it was collecting samples, monitoring containment barriers, and found no hydrocarbons in free phase as of its most recent reporting.

Salina Cruz Refinery Records Second Fuel Oil Containment Loss in One Month

PEMEX confirmed a second fuel oil containment loss within 12 days from the same 16-inch pipeline linking the Salina Cruz refinery to its maritime terminal in Oaxaca, hours before a fire broke out inside the facility attributed to gas accumulation in the drainage system. The June 21 leak was controlled and material recovered; the fire was contained with no reported personnel casualties. PEMEX did not disclose the volume released, the duration of the leak, or provide any environmental impact assessment.

US Treasury Issues 60-Day Iranian Oil Sanctions Waiver, Testing Mexico's Fiscal Buffer

The US Treasury Department issued a 60-day general license authorizing the production, delivery, and sale of Iranian oil, effective through August 21, as part of implementing the June 17 Versailles MOU signed between Washington and Tehran. The waiver covers crude oil, petrochemicals, refined products, and previously blacklisted tankers, and for the first time in decades allows Iranian crude to enter the United States. Iran had exported 3.8MMb in the first week after the naval blockade was lifted, though analysts caution this reflects trapped vessel releases rather than a sustained production rate. Iranian export capacity had fallen from roughly 1.5MMb/d pre-blockade to approximately 260Mb/d at the peak of restrictions.