Global Energy Roundup: Pemex Seeks Deepwater Partner, SpaceX Borrows Billions for AI

Mexico's debt-laden state oil company, Pemex, is seeking a deepwater partnership with Brazilian giant Petrobras, according to a report from OilPrice.com. The two firms signed a memorandum of understanding this week to collaborate on exploration, production, and refining, with a headline focus on deepwater exploration in the Gulf of Mexico.

Petrobras is considered a premier deepwater operator after decades of success in Brazil's pre-salt fields. Pemex, meanwhile, carries roughly $80 billion in debt and is plagued by declining production from mature fields. The partnership aims to tap Mexico's largely untapped side of the Gulf, which contrasts with the U.S. side that produces roughly 2 million barrels per day from deepwater fields. Analysts note that deepwater exploration requires hundreds of millions of dollars, and Petrobras would likely shoulder much of the financial burden given Pemex's condition.

Separately, Qatar stated that an explosion at its Ras Laffan industrial complex will not affect liquefied natural gas exports, according to Rigzone. The blast on June 23 left 13 dead and 66 injured. Qatar is a major global LNG supplier, and its assurance of uninterrupted supply is a key signal for global gas markets.

In a major capital markets move, Elon Musk's SpaceX has begun selling investment-grade bonds for the first time in a bid to raise at least $20 billion, OilPrice.com reported. The proceeds are intended to fund the company's ambitious artificial intelligence plans and refinance a bridge loan. The company received BBB-tier ratings from Moody’s, Fitch, and S&P Global last week, cementing its 'investment grade' status and enabling cheaper borrowing.

SpaceX's AI ambitions include $75 billion in contracts to provide computing power to Google and Anthropic PBC. Analysts at Oppenheimer & Co. expect debt to be the primary funding source for the company, supplemented by roughly $40 billion of additional equity. This massive capital raise highlights the intense investment flowing into energy-intensive AI and data infrastructure.

For Bakken operators, these developments underscore a global energy landscape where capital access and technical partnerships are critical. The potential for increased deepwater activity in the Gulf of Mexico could influence long-term basin competitiveness and capital allocation. Meanwhile, the stability of major LNG exports from Qatar and the massive reallocation of capital toward AI and data centers represent broader macro trends affecting energy demand and investment.