Mexico’s state-owned oil company, PEMEX, and Venezuela’s oil authorities have recently signed a significant memorandum of understanding (MoU) aimed at enhancing their cooperation in the hydrocarbons sector. The MoU, which was disclosed through PEMEX’s official communication channel, outlines plans for the sharing of technical expertise, regulatory insights, and industry best practices between the two countries.
In a joint statement, Octavio Romero, CEO of PEMEX, and Rafael Tellechea Ruiz, Minister of Oil of Venezuela, emphasized the strategic importance of the agreement in deepening the relationship between the two nations. They expressed their commitment to leveraging each other’s strengths across various aspects of the hydrocarbon industry, with the ultimate goal of achieving mutual benefits.
The signing of the MoU follows a recent meeting between executives of PEMEX and Petróleos de Venezuela (PDVSA) in Caracas. This meeting, which took place following a prior gathering in Mexico City two weeks earlier, underscores the commitment of both companies to exploring new business opportunities and strengthening their partnership.
While specific details of the recent meeting remain undisclosed, it is aligned with the discussions initiated during Tellechea’s visit to Romero Oropeza in Mexico in December 2023. During that visit, the Venezuelan Minister of Oil had expressed optimism about the potential for a coordinated partnership between the two countries.
This collaboration between PEMEX and PDVSA is part of a broader strategy by PDVSA to establish partnerships with other entities. This strategy is evident in PDVSA’s recent agreements with Refinería di Korsou (Rdk) in Curaçao and Spanish energy company Repsol. The agreement with Repsol, signed in December 2023, aims to modify the terms of a project in Venezuela, with the goal of reviving crude oil and gas production in the country.
The recent temporary lifting of US sanctions on Venezuela, including those related to the oil sector, in October has created new opportunities for the country to normalize its oil-related activities. These sanctions, contingent on commitments from the Venezuelan government, have paved the way for the normalization of direct contracts and the sale of crude oil without significant discounts, further enhancing the prospects for collaboration between PEMEX and PDVSA.
(Source: Mexico Business News | BN Americas)
