Petroleo Brasileiro (PBR), known as Petrobras, and Petroleos Mexicanos signed a non-binding memorandum of understanding focused on oil exploration and production in the Gulf of Mexico, Bloomberg reported Tuesday, citing the companies' chief executives.

The agreement also calls for joint cooperation on refining, natural gas, and petrochemicals, the report said, adding the collaboration will go beyond the gulf, given other opportunities to increase production of heavy and super heavy crude from Mexico's maturing oil fields and in natural gas.

Petrobras and Petroleos Mexicanos did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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