OSLO, Norway -- Statoil has signed a Memorandum of Understanding (MoU) with China’s Sinochem group to promote cooperation between the companies.
This follows a recent transaction under which Sinochem bought a 40% interest from Statoil in the Peregrino oil field development due to enter production early next year 2011 offshore Brazil.
“The MoU formalizes the two companies’ intention to jointly investigate further opportunities in Brazil and elsewhere. The MoU is the beginning of a long-term relationship between our two companies having similar international growth ambitions. I believe that we have supplementary skills and areas of expertise, strengthening both our opportunities globally by cooperation,” said Statoil CEO Helge Lund.
“In addition, we look forward to partner with Sinochem Group in the further development and operations of the large Peregrino field. Both companies see many opportunities for value creation through increased recovery and exploration for additional resources in the decades to come.”
Sinochem Group committed to its first overseas oil and gas investments in 2003. Since then it has completed around $1.8 billion of acquisitions in the energy sector, mainly in Latin America, Africa, and the Middle East.