Pemex and Petrobras Target Deep Jurassic Reserves in Gulf of Mexico

The exploration efforts focus on the Campeche Bay, where previous drilling attempts reached depths of 7,800 meters. While Pemex’s 2018 campaign in the region yielded no immediate commercial success, geologists suggest the findings were sufficiently promising to warrant further investment. Mark Rowan, a consultant specializing in deepwater discoveries, noted that the data likely contained no definitive failure, encouraging the company to pursue these high-risk, high-reward geologic targets.

To mitigate the technical challenges of drilling through the Campeche salt layer, Pemex is leveraging the experience of Petrobras, which successfully unlocked prolific pre-salt basins in Brazil. The two firms signed a memorandum of understanding in June to share technical knowledge and assess ultra-deepwater assets. This collaboration is critical for Pemex, which currently struggles with substantial debt and a second-quarter profit decline of 70%. With current production averaging 1.66 million barrels per day against a government target of 1.8 million, finding a new, high-yield province remains the most viable path to stabilizing the company’s long-term financial health.