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Petrobras, BP to form strategic alliance

OE Staff Tuesday, 31 October 2017 15:08

Petrobras and BP have signed a letter of intent (LOI) to jointly identify and evaluate business opportunities involving assets or ventures in Brazil and elsewhere, which include cooperation on upstream, LNG and downstream, with the purpose of developing a potential strategic alliance.

The companies already jointly participated in Brazil’s third bidding round. Petrobras and BP acquired exploration and production rights for the Alto do Cabo Frio block, in a 50-50 consortia, and the Peroba Block, jointly with CNODC, a subsidiary of China National Petroleum Corporation (CNPC), in a consortia 40% Petrobras, 40% BP and 20% CNODC.

Petrobras also reported today (31 October) that it signed a memorandum of understanding with CNPC to form a comprehensive strategic alliance, as announced on 4 July this year.

Forming partnerships is an important strategy for Petrobras' 2017-2021 Business and Management Plan, the company said in a 31 October press statement, adding that, "strategic partnerships have the potential benefits of sharing risks, increasing investment capacity in the oil and gas supply chain, technological exchanges, and the enhancement of corporate governance."

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