Norwegian giant Statoil and Brazilian giant Petrobras entered into a two-year memorandum of understanding (MoU) to strengthen cooperation between the two offshore Brazil.
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Statoil CEO, Eldar Sætre (left), and Petrobras CEO, Pedro Parente, signing the MoU. Image from Statoil - Ole Jørgen Bratland. |
The MoU is geared towards evaluating 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 two giants 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.
"This MoU reflects our long-term commitment to Brazil and is a result of our strong and long-standing relationship with Petrobras. Collaboration with partners like Petrobras, a company well-known for its technical expertise and profound knowledge about one of our core strategic areas, represents an excellent opportunity for us. We hope that this will result in significant value creation potential for both parties,” Eldar Sætre, Statoil CEO said.
According to Petrobras, the MoU also states that the companies will join forces to create proposals for their joint participation in future bids for exploratory areas, thereby extending their current partnership in Brazil and abroad, as well as adding value through the use of new technologies for increasing oil recovery and streamlining operational activities.
The agreement was signed by Petrobras’ president and CEO Pedro Parente and Statoil’s CEO Eldar Sætre during the ONS 2016 conference in Stavanger.
Joint activities undertaken will depend on negotiations following the signing of the document, Statoil said.
"We are moving into a strategic partnership that will be beneficial for both companies. Statoil has very high levels of oil recovery in their producing fields, for example, and we will have access to this experience and know-how through a partner, with obvious benefits for both sides," Pedro Parente, Petrobras CEO said.
The MoU follows the July 2016 agreement when Statoil acquired Petrobras’ 66% operated interest of the BM-S-8 offshore license in the Santos basin, subject to government approval, in a US$2.5 billion deal.
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