Petrobras, Brazil's largest oil company, looks to Mexico for opportunities through a partnership with Pemex
Magda Chambriard, CEO of Brazil's Petrobras, said that the company would?send representatives" to Mexico in order to explore business opportunities. The firm is looking to a possible?partnership? with another state-run oil?firm called?Pemex.
Chambriard, who is a representative of the Brazilian firm, said that it has been searching for overseas projects to replenish its oil reserve. This could include Venezuelan deals.
On a conference call, the executive informed analysts that Petrobras views the Mexican portion of Gulf of Mexico, particularly in "ultra-deep water, a speciality of the Brazilian oil company, as underdeveloped.
The Brazilian president Luiz inacio Lula da Silva pitched an alliance between Petrobras & Pemex earlier this year to his Mexican counterpart Claudia Sheinbaum. Sheinbaum met Chambriard last month and expressed her expectation that an agreement would be reached.
Chambriard stated that she sees potential in exploring and operating mature oilfields alongside Pemex.
If that's possible, where do we send that oil? "There's no better place to refine it than Mexico, which is right around the corner," she said.
According to the executive in Venezuela, Petrobras has yet to evaluate potential opportunities. Chambriard stated that the country was on the "wish list" of the company.
BRAZIL GASOLINE AND DIESEL PRODUCTION
The Petrobras CEO said that the company will soon increase refinery gate gasoline prices in Brazil. He did not give a timeline or any other details.
Chambriard said that Petrobras was stepping up its efforts to become a self-sufficient country in gasoline and diesel. He indicated?that it could add new projects to its five-year plan, which will be revealed later this year.
The decision was made in response to the conflict between Israel and the United States with Iran that led to a spike in oil prices worldwide. Executives said that despite the higher oil prices, Petrobras will not pay out extraordinary dividends in this year. (Reporting and editing by Gabriel Araujo; Fabio Teixeira, Marta Nogueira)
(source: Reuters)
