04:00 PM EDT, 03/20/2026 (MT Newswires) -- Brazilian President Luiz Inacio Lula da Silva approached Mexican leader Claudia Sheinbaum about a potential exploration partnership between their respective state-run oil companies in the Gulf of Mexico, Bloomberg reported Friday.

At an event, Lula said he had called his Mexican counterpart at the request of Petroleo Brasileiro (PBR), to propose collaboration with Petroleos Mexicanos.

"Did you know Pemex could receive significant help from Petrobras to explore for oil together in the Gulf of Mexico, at a depth of 2,500 meters?" Lula said he asked Sheinbaum, according to Bloomberg.

Petrobras and Pemex 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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