Statoil and Petrobras have signed a memorandum of understanding to strengthen cooperation in Brazil.
The objective is to assess cooperation to participate in future bidding rounds for exploration acreage and increase upstream cooperation on offshore producing fields in Santos and Campos Basins, said Statoil.
The agreement, which was signed during the oil exhibition in Stavanger, also implies a possible framework for cooperation in the gas value chain.
– We are entering into a strategic partnership that will benefit both companies.
Statoil has such a very high recovery rate of its producing oil fields and we will get access to this experience and expertise through a partner, which clearly provides benefits on both sides, says CEO of Petrobras, Pedro Parente.
The agreement has a duration of two years.
Source: NTB scanpix / Norway Today