Sheinbaum and Lula Strengthen Cooperation Between Pemex and Petrobras

ByJosé Shaddai Olvera Torres

This article by José Shaddai Olvera Torres originally appeared in the August 14, 2026 edition of El Chamuco y los Hijos del Averno, Mexico’s iconic political satire magazine.

President Claudia Sheinbaum Pardo held a video call this Thursday with her Brazilian counterpart, Luiz Inácio Lula da Silva, in which the two reviewed the progress of the bilateral relationship on trade and the cooperation between Petróleos Mexicanos (Pemex) and Petrobras.

Through a message on social media, Sheinbaum noted that both governments share a vision of prosperity, well-being, and sovereignty, and expressed her confidence that coordination between the two countries will further strengthen economic, commercial, and energy ties.

“Mexico and Brazil share the vision of prosperity, well-being, and sovereignty. We are convinced that by working in a coordinated way we can further strengthen economic, commercial, and energy ties,” the president wrote.

Cooperation Between Pemex and Petrobras

During the conversation, the two leaders followed up on the collaboration between Pemex and Petrobras, following the Memorandum of Understanding signed this past June 23 in Rio de Janeiro.

For his part, Lula da Silva confirmed that negotiations between the two companies continue to advance and expressed his expectation that the joint projects will begin soon.

The agreement provides for the joint assessment and development of hydrocarbon exploration and production projects, as well as the exchange of technical knowledge between the two companies.

The president of Petrobras, Magda Chambriard, previously reported that the cooperation has two main pillars:

  • Joint exploration and production in the shallow and deep waters of the Gulf of Mexico.
  • Cooperation in the refining, processing, and marketing of fuels.

While the memorandum for exploration is already underway, Petrobras indicated that the agreement related to refining and market is ready to be signed.

Sheinbaum Recognizes Brazil’s Economic Results

During the conversation, the Mexican president highlighted the economic results achieved by Lula da Silva’s government.

As she explained, Brazil maintains economic growth above 3%, moderate inflation, greater job creation, a reduction in unemployment, and a strengthening of the minimum wage, factors that, she affirmed, have made it possible to improve the income of Brazilian families.

An Expanding Bilateral Agenda

The video call takes place a week after the VI Meeting of the Brazil-Mexico Binational Commission, in which both countries reinforced their cooperation on energy, scientific, and educational matters.

In addition to the agreement between Pemex and Petrobras, the two nations signed memoranda of understanding in science, technology, innovation, and education.

The Memorandum of Understanding between Pemex and Petrobras will have an initial term of two years and provides for technical cooperation on hydrocarbon exploration and production projects, particularly in the deep waters of the Gulf of Mexico. According to available information, the agreement does not imply binding investment commitments or the creation of a partnership between the two companies.