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Statoil and Petrobras took a step forward in strengthening their cooperation in Brazil by signing a Memorandum of Understanding (MoU).
The intention of the MoU is to evaluate joint participation in future tenders for exploration areas and to increase upstream collaboration in producing fields in the Santos and Campos offshore basins.
The agreement also sets out a potential framework for cooperation on value-creating opportunities in the gas value chain. The agreement was signed by Petrobras' president and CEO, Pedro Parente, and Statoil's CEO, Eldar Sætre, during the ONS 2016 conference in Stavanger.
It follows the agreement in July 2016 whereby Statoil acquired Petrobras' 66 percent operated interest of the BM-S-8 offshore license in the Santos basin, subject to government approval.
Petrobras and Statoil, through this agreement, will continue their exploration strategic alliance, with the intent to define opportunities in the pre-salt polygon of the Santos and Campos basin.
The companies aim to capture value through application of technology and simplification of operational activities. Currently, Petrobras and Statoil are partners in 13 blocks in either exploration or production; 10 in Brazil and three abroad.
The agreement has a horizon of two years, and the joint activities undertaken will depend on negotiations following the signing of the document.
Keywords: Gas Value Chain, Oil Exploration, Oil Production, Upstream Collaboration, ARC Advisory Group.