Mexico's Petrobras and PEMEX Team Up on Ultra-Deep Drilling Venture

Petrobras and PEMEX have joined forces to explore ultra-deep pre-salt geological formations off the coast of Campeche. This joint effort aims to target source-rock formations that were laid down approximately 160 million years ago, located miles below the seafloor beneath thick, high-pressure salt layers.

The partnership will evaluate deepwater exploration opportunities in these areas, which are rich in hydrocarbons but pose significant technical challenges due to their depth and pressure.

Separately, Venezuela has transferred participation rights for Phase II of the Loran gas field to a consortium consisting of BP, XRG PJSC, and UCC Oil and Gas. This field is located along the maritime border with Trinidad and Tobago and contains over 4Tcf of proven natural gas resources.