Pemex CEO Set to Visit Brazil amid Talks of Joint Gulf Campaign

Petroleos Mexicanos' new chief executive Juan Carlos Carpio is expected to visit Brazil this month as the company explores a deal with Brazil's Petroleo Brasileiro SA to explore for oil in the Gulf of Mexico, Petrobras' boss said Friday.

The two companies are seeking to sign initial documents including non-disclosure agreements and memorandums of understanding to begin joint studies for offshore exploration in Mexico's side of the Gulf, oil production and refining, Petrobras chief Magda Chambriard said.

A Pemex representative didn't immediately respond to a request for comment.

Chambriard's comments follow a Wednesday video conference between Brazilian President Luiz Inácio Lula da Silva and his Mexican counterpart Claudia Sheinbaum, who discussed energy cooperation including a potential tie-up between their nations' state-run oil companies.

Pemex has been seeking private partners for joint ventures to help the struggling company boost slumping oil production and ease its roughly $80 billion debt burden. For its part, Petrobras is seeking discoveries to expand its international upstream portfolio and extend the Brazilian oil boom, led by the 2006 discovery of the massive pre-salt offshore basin.