(Updates to rewrite with Petrobras' press release.)
Petroleo Brasileiro (PBR), known as Petrobras, said Tuesday it has signed a memorandum of understanding with Petroleos Mexicanos to jointly cooperate in areas of exploration and production, and industrial processes in the hydrocarbon industry.
The two state-owned companies will evaluate initiatives aimed at revitalization of mature fields, seismic reprocessing, and exploration of opportunities in deepwater and ultra-deepwater areas like the Gulf of Mexico, Petrobras said, according to a Google translation.
The MoU further entails cooperation opportunities in refining, petrochemicals, fertilizers, gas processing as well as the production of lower-carbon-intensity fuels, while also sharing best practices related to safety, operational and environmental protection, the company said, as per a Google translation.