Petrobras, Pemex Could Cooperate Abroad

Brazil's federal energy company Petrobras (NYSE: PBR) is interested in working with Mexico's state oil company Pemex in E&P operations outside Mexico, media reports quoted Petrobras president Jose Gabrielli Azevedo as saying.

Gabrielli mentioned the northern side of the US/Mexico maritime border in the Gulf of Mexico as an example of a place where the companies could cooperate.

With neither proper experience in deepwater production nor the resources for extensive investment, Pemex is seeking to expand its knowledge of deepwater to exploit its own resources in the Gulf of Mexico.

Petrobras has previously expressed a desire to work with Pemex under a joint venture model to develop the latter's deepwater reserves, but Mexico's current legal framework prohibits private participation in domestic production.

Gabrielli reiterated his company's respect for Mexican law and its opposition to carrying out service contracts for the Mexican state firm.

Mexico also could prove up its declining reserves with investment in the development of mature fields and new discoveries, the latter of which could take up to eight years to show results, Gabrielli said.

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