Pemex, PDVSA heads ink cooperation deal after months of talks

After two meetings in their respective capitals, Mexico’s national oil company Pemex and Venezuela’s PDVSA have reached a cooperation agreement. 

In a social media post on Tuesday, the Mexican firm said that Pemex CEO Octavio Romero Oropeza and PDVSA head Pedro Rafael Tellechea signed an MOU that includes cooperation and sharing information on technical and regulatory matters, as well as the exchange of best practices.

Some experts believe that the two high-profile meetings could eventually lead to bigger things, such as investments.

The executives met for the first time in Mexico City on December 21 and then in Caracas on January 5. At the last meeting, PDVSA said both delegations presented investment opportunities, “as well as the route to define projects, infrastructure and exploratory opportunities.”

The last time Mexico invested in a foreign country was in 2022, when Pemex completed the acquisition of the Deer Park refinery in Texas. 

PDVSA partnered with Cuban oil company Cupet in 2010 and acquired a large part of its shares in 2016. 

Mexican President Andrés Manuel López Obrador and his Venezuelan counterpart, Nicolás Maduro, cultivate amicable relations and pursue policies aimed at energy independence.