RIO DE JANEIRO – Petrobras and BP have signed a letter of intent (LoI) in London to jointly identify and evaluate business opportunities in Brazil and abroad.
These include cooperation on upstream, gas transportation and marketing, power generation and distribution, technology and low carbon initiatives, with the goal of pursuing a potential strategic alliance between the companies.
Recently Petrobras and BP participated in the ANP’s third bidding round under Brazil’s production sharing regime.
They were awarded exploration and production rights for the offshore Alto do Cabo Frio block, in a 50-50 consortium, and thePeroba block, in partnership with CNPC subsidiary CNODC.
Petrobras says such partnerships are a feature of its 2017-2021 Business and Management Plan, citing benefits such as sharing of risks, increasing investment capacity in the oil and gas supply chain, technological exchanges, and the enhancement of corporate governance.